U.S. job growth slowed less than expected in October as the drag from a strike at General Motors was offset by gains elsewhere and hiring in the prior two months was stronger than previously estimated, offering some assurance that consumers would continue to support the slowing economy.
While the Labor Department’s closely watched monthly employment report on Friday showed the unemployment rate rising from a near 50-year low of 3.5% last month, that was due to an influx into the labor force, a sign of confidence in the jobs markets. The report supported the Federal Reserve’s decision on Wednesday to cut interest rates for the third time this year and signal a pause in the easing cycle that started in July when it reduced borrowing costs for the first time since 2008.
Nonfarm payrolls increased by 128,000 jobs last month, with manufacturing shedding 36,000 positions because of the strike – the most since October 2009, the government’s survey of establishments showed.
FOX Business contributor, Scott “the cow guy” Shellady, runs through the October jobs report and delves into Elisabeth Warren’s health-care plan with Dan & Amy.