The month of October added thousands of jobs more than had been projected for the month.
At least 128,000 new jobs were added for the month, well beyond the estimated 75,000 jobs economists had forecast. The data from the Labor Department showed that the biggest increase in jobs happened in the leisure and hospitality industries, with more than 60,000 jobs added.
“The job market is resilient and brought a sigh of relief despite a quadruple whammy of labor shortages, the trade war, diminishing effects of the tax cut and slowing global economy,” wrote Sung Won Sohn, professor of finance and economics at Loyola Marymount University and president of SS Economics, as reported by CNBC.
Job numbers for the previous months were also more successful than projected, with August seeing 219,000 jobs and September seeing 180,000.
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