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The US added 128,000 jobs in October, topping dour forecasts
the report was far stronger than expected, beating economists' forecasts for a gain in 89,000 jobs.
While the October report did show that US manufacturers lost 36,000 jobs last month, BLS Commissioner William Beach noted the decline largely reflected strike activity. If it hadn't been for the strike, the report would have shown a gain in factory jobs
Now that the strike is over, those jobs should bounce back in November, Gus Faucher, PNC chief economist, wrote in a note to clients. "With good job gains and solid wage growth, households' incomes are increasing, which will boost consumer spending through the end of 2019 and into 2020," Faucher said.
Average hourly earnings increased 0.2% in October, a slightly slower pace than expected, but overall, they were still up 3% from a year earlier
"The current economic expansion, already the longest in US history, looks set to continue at least through the first part of next year despite the trade war drag," Faucher said.
The retail sector added more jobs in October, and the September number was revised up, "indicating that strength in the consumer sector is sufficient to support positive retail hiring," Morgan Stanley economists wrote in a note.
The unemployment rate, at 3.6%, remains near a 50-year low. In October, the labor market participation rate climbed to 63.3%, its highest level since August 2013.
"Really, there is nothing here to worry about," wrote Thomas Simons, senior money market economist at Jefferies in a note to clients. "Whatever weakness we see here this month (which is not as weak as expected to begin with) is going to be added back in with the November data.