The October 2019 jobs report just released by the Bureau of Labor Statistics (BLS) shows a larger increase in net employment growth than anticipated. Some 128,000 jobs were added to the economy last month, compared the surveys of economists that expected the number to be around 85,000. Meanwhile, the job growth estimates for August and September were revised substantially upward by 51,000 and 44,000, bringing the three-month average net employment increase to a very healthy 176,000 jobs per month.
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The low expectations for October’s jobs report were attributable to the recently-settled 40 day strike at General Motors by over 40,000 United Auto Workers members, which accounted for over 95 percent of striking workers in the BLS’s strike report. In fact, the strength of the labor market, in