Here’s Why October’s Jobs Report Is A Grand Slam For Trump

The October jobs report which was released on Friday morning probably has President Trump taking a victory lap after it showed a whopping 128,000 jobs were added in the month

The U.S. Labor Department reported that these figures continue to defy the expectations of economic experts as they predicted only 75,000 jobs would be added.

According to Reuters, this is the third month in a row to miss its mark (for the better) from expectations, triumphantly adding nearly 100,000 additional jobs.

“The economy created 95,000 more jobs in August and September than previously estimated. Economists polled by Reuters had forecast payrolls rising by only 89,000 jobs in October,” Reuters reports.

According to the report, the jobs figure could have been even higher if the Labor Department was not forced to count striking General Motors employees as temporarily unemployed.

“Even with a decline of 42,000 in the motor vehicles and parts industry, the pace of new jobs well exceeded the estimate of 75,000 from economists surveyed by Dow Jones. The loss of jobs came due to the General Motors strike that has since been settled. That 42,000 job loss itself was less than the 50,000 or more that many economists had been anticipating,” CNBC reports.

The Associated Press reports:

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 several thousand workers to be temporarily counted as unemployed.

The GM strike contributed to the loss of 41,600 auto factory jobs in October. But the settlement will likely lead to a rebound in the coming months. The report revised upward job gains in the prior two months by a combined 95,000, suggesting a healthier job market than initially believed.

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Still, hiring has slowed this year. Gains averaged just 167,000 in the past 10 months, down from a monthly average of 223,000 in 2018, according to Labor Department figures.

CNBC adds:

At the industry level, the biggest job creation came in food services and drinking establishments, which added 48,000. While those positions are generally associated with lower wages, they also can reflect consumer demand and the willingness to spend discretionary money. The industry has seen a surge in job creation as of late, with the past three months averaging 38,000 compared with 16,000 in the first seven months of this year.

Professional and business services added 22,000 and health care rose 15,000, part of a gain of 402,000 for that industry over the past year.

Social assistance increased by 20,000 while financial activities rose by 16,000, bringing to 108,000 the total Wall Street jobs added over the past year.

Job losses came in manufacturing (-36,000) as part of the GM strike, and the federal government, which subtracted 17,000 because 20,000 workers hired for Census duties finished their work.

The total employment level in the household survey reached another record high, swelling by 241,000 to 158.5 million.

House Ways and Means Committee Ranking Member Kevin Brady released a statement celebrating the bolstered report.

“With 128,000 jobs added in October, this is a solid report that shows workers continue to be the driver in this strong economy. Despite some outside factors, including the GM auto strike, this economy continues to add jobs at a record pace under this new tax code – with upward revisions being added to the two previous months and wages rising at a solid pace,” he said.

“It is American families who are benefiting the most from this growth, and growth needs to remain our biggest focus. We have the tools ready: let’s pass USMCA without delay and work to make these middle-class and small business tax cuts permanent. This economic expansion needs to continue, and House Republicans are working hard to achieve just that,” Brady added.

Here’s even more on the report: