Despite a constant drum beat that recession is coming the latest job report shows continued strength. Here’s an opening snippet and link to the full article. At Dunhill Staffing Systems we have the tools and resources needed to find qualified candidates in this still right market.
The anticipated release of the U.S. Bureau of Labor Statistics monthly jobs report was much to the surprise and delight of economists and employers alike on the morning of November 1, 2019. According to the report, October experienced solid job gains of 128,000, making this the 109th straight month of economic growth, more than double the previous record. Meanwhile, the unemployment rate increased slightly to 3.6% and average hourly ticked up by 6 cents, totaling $28.18. Here are the headlines from October’s report.
1. The Labor Market Remains Strong
Leading up to the release of the jobs report, economists were estimating low jobs numbers, ranging anywhere between 25,000 and 110,000, due to a United Auto Workers strike against General Motors. Despite the walkout, the labor market crushed expectations with 128,000 job gains last month. Furthermore, original job numbers for August and September were revised up by a net 95,000. The BLS report showed that the most jobs were created in food services and drinking places, business and professional services, social assistance, financial activities, and health care. Within the private sector, payroll processor ADP reported similar growth of 125,000 jobs last month.