October Job Growth Surprised All Economists!
The Labor Department released October’s jobs report showing an unemployment rate that ticked up to 7.3 percent even as employers added 204,000 jobs, more than expected for the period that included a partial shutdown of the federal government.
Economists surveyed by Bloomberg expected about 120,000 jobs added and an unemployment rate of 7.3 percent.
The labor force participation rate, or the percentage of those in the labor force compared to people willing and able to work, fell by 0.4 percentage points to 62.8 percent, a 35-year low. While some economists expected a shorter workweek in part due to the shutdown, which lasted more than two weeks, the average workweek for all workers was unchanged last month at 34.
