The October Jobs report was released today with some good news before heading into the holiday season. The Associated Press reports that “U.S. employers added a solid 128,000 jobs in October, a figure that was held down by a now-settled strike against General Motors that caused tens of thousands of workers to be temporarily counted as unemployed.” Luckily GM has reached a deal, which should help numbers in the upcoming months.
Additional good news revealed itself in average hourly wages. “For a second straight month, average hourly wages rose” a healthy “3% from a year ago.” October showed an impressive addition of jobs, but a little icing on the cake was revealed about August and September as well. Shockingly, “the government also revised up its estimate of job growth for August and September by a combined 95,000, suggesting a healthier employment market than many had thought.”
Not too shabby for a president on the verge of impeachment. Perhaps Democrats should take a break from their “testimonies” and the obsessive impeachment probe to learn about what’s going on in the country they took a vow to work for. Today’s job report also suggests that “further job gains may be coming,” which “put stock investors in a buying mood” bringing the Dow Jones Industrial Average up about 240 points.
As the graph indicates, unemployment rates amongst minority populations are very positive. Most astonishingly, and in stride with President Trump’s campaign promises, is that the black unemployment rate has hit an all time low. Hispanic and latino unemployment continues to decrease steadily as well. Rightly so, President Trump immediately celebrated with a tweet: “Wow, a blowout JOBS number just out, adjusted for revisions and the General Motors strike, 303,000. This is far greater than expectations. USA ROCKS!”
Wow, a blowout JOBS number just out, adjusted for revisions and the General Motors strike, 303,000. This is far greater than expectations. USA ROCKS!
— Donald J. Trump (@realDonaldTrump) November 1, 2019