On Friday, the 1st of November, US non-farm payroll data from US Labour Department had orchaestrated a luscious image of US economy, as job growth in October slew less-than-expected while a likely downturn amid GM strike was outweighed by gains from other sectors.
Aside from that, October had also provided with more hiring than prior two months and beaten an analysts’ estimate by a wider margin, assuaging investors that US consumers might just continue to support the nation’s slowing economy.
Besides, Labour Department’s Friday’s (November 1st) job data had also shown that the US unemployment rate was inched higher to 3.6 per cent from an earlier 50-year-low figure of 3.5 per cent in September. According to non-farm payroll data released by US Labour Department on Friday (November 1st), US firms had added 128,000 new jobs in October, while a minimum requirement to sustain the nation’s longest streak of expansion on record currently in its 124th month was creation of 100,000 new employments every month, however, the recessed manufacturing sector in the United States lost 36,000 last month mostly because of the GM strike, remarking its highest level since October 2009, the US Government’s Survey of Establishment showed.
Nonetheless, an analysts’ poll was expecting a rise of US non-farm payroll by only 89,000 new jobs in October, which in effect would have weighed on the world’s largest economy’s longest expansion on record, however, October’s non-farm payroll was mostly backed by temporary hiring of 20,000 employees by the US government due to a 2020 census, suggested industry analysts.