October was another strong month for the US labor market even as recession fears for next year continue.
The country added 261,000 payrolls in October according to data released Friday by the Bureau of Labor Statistics. Economists surveyed by Bloomberg forecasted payrolls to rise by 200,000. The preliminary estimate for October fell below September's gain, which was revised from 263,000 to 315,000. The final reading for August was revised from 315,000 to 292,000.
"In October, notable job gains occurred in health care, professional and technical services, and manufacturing," BLS wrote in Friday'sEducation and health services experienced a payroll gain of 79,000 in October. Within this industry, health care saw payrolls rise by about 53,000. Professional and business services saw an increase of 39,000. Leisure and hospitality saw an increase of 35,000, as employment in this industry still falls below its pre-pandemic level.That exceeds the 3.
Average hourly earnings increased by $0.12 to $32.58. With a month-over-month increase of 0.4%, that narrowly beat the median forecast of 0.3%.
You have literally been telling us the opposite nonstop for at least two weeks. Which is it?
Maybe, but it won't last. We have gone a long time without a recession. It is way over due. The pain is coming. It is coming soon.