US Economy Market Adds 250,000 New Jobs In October
Wall Street Analysts had penciled in an estimated 190,000 new jobs for the month of October, but the actual numbers surpassed that by over 30%. Most of the new job gains were in healthcare, manufacturing, construction and transportation. While the unemployment rate stays unchanged at the lowest rate the economy has seen since 1969 (3.7%), the strong employment numbers will give the Federal Reserve the ammunition that it needs to continue raising rates, despite objections from the White House.
- The BLS reported a higher number of new jobs in October's employment report than Wall Street had anticipated
- It is suspected that these numbers will underpin both strong consumer spending as well as generate inflation fears
- The new job gains were in healthcare (36,000), manufacturing (32,000), construction (30,000) and transportation (25,000)
1. How do an increased number of new jobs affect the economy, and more specifically inflation?
2. What affects, and impacts can new jobs specifically in healthcare, manufacturing, construction and transportation have on the economy overall?