US employment was more resilient than expected in October despite the impact of GM strike

US employment was more resilient than expected in October despite the impact of strike action at General Motors. Companies added 128,000 new jobs last month, ahead of a forecast 55,000 rise.

Manufacturing employment fell sharply, according to the US Bureau of Labor Statistics, in particular, motor vehicles and parts which fell by 42,000, “reflecting strike activity”, reports BBC.

General Motors workers staged a month-long strike that ended a week ago after reaching a pay deal with management.

US Employment

Neil Birrell, chief investment officer at Premier Asset Management, said strong employment data “appears to back up the Fed’s comments on Wednesday night about the economy being in decent shape and its shift in policy stance”.

On Wednesday, the US Federal Reserve cut the country’s key interest rate, but signaled that there would not be further reductions in the near term.

The world’s largest economy grew at an annual rate of 1.9% in the third quarter, which was the slowest rate this year but was above some analysts’ expectations for expansion of 1.6%.


This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

Sacred Games exposes Rajshri Deshpande nude [video]
Yageo Corp to acquire Kemet Corp in a $1.8 billion deal
Paperfly launches delivery services covering 64 districts in Bangladesh
Anurag Kashyap shoots Kubra Saith 7 times nude and made her cry for frontal nudity scene [Video]
A ransomware attack hit computer servers and halted administrative work at Pemex
Bolivian opposition senator Jeanine Áñez declared herself interim president


News of the Month

November 2019
« Oct    
Scroll Up
%d bloggers like this: