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US new jobs grow despite impact from GM strike US jobs growth beats forecasts despite GM strike impact
(about 2 hours later)
US employment was more resilient than expected in October despite the impact of strike action at General Motors.US employment was more resilient than expected in October despite the impact of strike action at General Motors.
Companies added 128,000 new jobs last month, ahead of a forecast 55,000 rise. Companies added 128,000 new jobs, ahead of a forecast 85,000 rise, during a month when thousands of workers walked out at the carmaker.
Manufacturing employment fell sharply, according to the US Bureau of Labor Statistics, in particular motor vehicles and parts which fell by 42,000, "reflecting strike activity". The unemployment rate edged up slightly to 3.6% from 3.5% in September, which had been the lowest rate since 1969.
General Motors workers staged a month-long strike that ended a week ago after reaching a pay deal with management. Analysts said the data supported the Federal Reserve's comments earlier this week that the economy is in good shape.
President Trump immediately praised "blowout" jobs data, stating that adjusted employment figures showed growth of 303,000 roles. However, it is not clear how the US President reached that total.
The data from the Labor Department showed that the manufacturing sector shed 36,000 positions last month, the biggest fall for a decade.
However, this was affected by the strike at GM, which covered 42,000 workers. Striking employees are treated as unemployed in the US statistics.
The jobs data for August and September was revised upwards. In August, 51,000 more roles than originally thought were added to the US economy and 44,000 more jobs were created in September.
Slowing growth
Neil Birrell, chief investment officer at Premier Asset Management, said strong employment data "appears to back up the Fed's comments on Wednesday night about the economy being in decent shape and its shift in policy stance".Neil Birrell, chief investment officer at Premier Asset Management, said strong employment data "appears to back up the Fed's comments on Wednesday night about the economy being in decent shape and its shift in policy stance".
On Wednesday, the US Federal Reserve cut the country's key interest rate, but signalled that there would not be further reductions in the near term.On Wednesday, the US Federal Reserve cut the country's key interest rate, but signalled that there would not be further reductions in the near term.
The world's largest economy grew at an annual rate of 1.9% in the third quarter, which was the slowest rate this year but was above some analysts' expectations for expansion of 1.6%.The world's largest economy grew at an annual rate of 1.9% in the third quarter, which was the slowest rate this year but was above some analysts' expectations for expansion of 1.6%.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, said that the number of new roles added over the last three months average at around 170,000.
"That said, forward-looking surveys continue to point to the trend in payroll growth slowing to only 50,000 or so by the turn of next year," he said.
"They might be wrong - shifts in sentiment don't always translate into shifts in action - but we aren't willing to assume that job gains will continue to trend at anything like 170,000."