October’s US payrolls came in with an increase of 150,000, which was lower than the expected rise of190,000. The unemployment rate remained unchanged at 3.7 percent, according to the newest jobs report from the U.S. Bureau of Labor Statistics.
Although the October job gains were lower than expected, the addition of 150,000 jobs still represented a healthy gain, and the trend line of job growth this year is still upwards. Job growth was driven mainly by the private sector, which saw an increase of 156,000 jobs. Government jobs decreased by 600 during the same period.
The majority of job gains were found in professional and business services, with the sector adding 43,000 jobs in October. Health care also added 23,000 jobs, while the manufacturing sector lost 3,000 positions.
Average annual wages have also risen 3.1 percent over the past year, pointing towards a stronger economy. However, the rate of wage growth remains slightly slower than many would like to see.
With the world economy continuing to experience turbulence, the US labor market is still moving forward. The decrease in job growth from September to October suggests the possibility of a more wobbly economic future on the horizon and underscores the importance of creating a trade agreement that can reduce economic uncertainty.