'No More Rate Cuts': Economists React To October Jobs Report On Twitter
Nonfarm payroll employment increased by 128,000 jobs in October, the U.S. Bureau of Labor Statistics reported Friday, marking the country's 109th straight month of employment gains.
The unemployment rate ticked up to 3.6%.
Notable job gains were seen in the food services and drinking places industry, which added 48,000 jobs in October. The healthcare industry added 15,000 jobs last month, and has now added 402,000 jobs in the past 12 months.
Manufacturing employment dropped by 36,000 jobs in October, a reflection of the GM strike, which is now settled.
Employment in commercial real estate-related industries, including retail and construction, showed little change in October.
Here's how economists and others reacted to the jobs report on Twitter.
October's jobs report shows +128k, which is about 30k more than consensus forecast. Add in the missing 50k GM workers on strike, and that's a pretty robust pace of job growth.
— Justin Wolfers (@JustinWolfers) November 1, 2019
Unemployment remains strikingly low at 3.6%.
HUGE revisions, added +51k to August and +44k to Sept.
August and September payrolls revised up 95,000 jobs. Job gains average 176,000 over past three months even with GM strike. Average hourly earnings up 3% over past year. Labor market looks pretty good even as biz investment weakens. Can this continue?
— David Wessel (@davidmwessel) November 1, 2019
This is definitely a "no more rate cuts" kind of jobs report.
— Neil Irwin (@Neil_Irwin) November 1, 2019
Gr8 point by @byHeatherLong
— Constance L Hunter (@ConstanceHunter) November 1, 2019
Jobs growing at a rate of 1.4% y/y vs 1.9% in January.
So while this #jobs data is a treat for the economy it does signal slowing growth.
Slowing growth reduces wage pressures & keeps employers’ inflation expectations anchored. https://t.co/br3W0gpqD1
FOR IT TO BE FULL EMPLOYMENT THERE'S GOT TO BE WAGE PRESSURES. AND THERE ISN'T, SO IT'S NOT. pic.twitter.com/ArKAfYz1MU
— Jared Bernstein (@econjared) November 1, 2019
Lots of hiring, low unemployment, and tepid wage growth all reflect an economy where lots of people with jobs still feel underemployed.
— Betsey Stevenson (@BetseyStevenson) November 1, 2019
Black/African American unemployment rate hits a new low - 5.4%. https://t.co/6D2peTQnxD
— Jeanna Smialek (@jeannasmialek) November 1, 2019
Labor force participation of women aged 25-34 matched an all-time high. Is the wage gap + demographic transition from boomers to millennials helping keep wage/inflation subdued? pic.twitter.com/sKmizTVYMO
— Dr Julia Coronado (@jc_econ) November 1, 2019
My fav chart in this series is reliably this one. Shows a lot of mass in bottom right quadrant which means job growth strongest in service-oriented (and lower-paying) industries where women tend to work. #JobsReport pic.twitter.com/dZ0IVhjNaD
— Diane Lim (@economistmom) November 1, 2019
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
Look, there are bigger issues than a monthly jobs report. But Trump’s spin isn’t spin, it’s a lie. A verifiable lie. A bald-faced lie. The number is the number. It’s printed. We all agree that’s the number. You can’t just make up another number. That’s not how numbers work.
— Justin Wolfers (@JustinWolfers) November 1, 2019
I asked the WH about 303,000 figure. Here's what Trump's Council of Economic Advisers said:
— Heather Long (@byHeatherLong) November 1, 2019
October: +128k
Revisions: +95k
Adjusting for GM: +60k
Adjusting for Census: +20k
= +303k https://t.co/2NjPoymNhp
