The U.S. economy added 204,000 jobs in October

ob Seekers Attend The Fall Classic Hiring Spree Ahead Of Intial Jobless Claims.
Job Seekers Attend The Fall Classic Hiring Spree Ahead Of Intial Jobless Claims.

The U.S. economy added 204,000 jobs in October – double Wall Street’s forecast – despite a government shutdown that was expected to put a damper on hiring. And hiring for September and August were revised up by a combined 60,000, the Labor Department said Friday.

The unemployment rate, meanwhile, ticked up to 7.3% from 7.2% in what was likely a residue of the shutdown. Federal workers would have been classified as unemployed under the government’s method for calculating the unemployment rate. The largest slice of hiring in October took place at retailers, bars and restaurants, lower-paying establishments that tend to boost hiring temporarily for the holiday season.

Yet almost every industry aside from government added workers, the Labor Department reported. The surprising increase in jobs raises questions about whether the shutdown distorted the government’s normal process of collecting the data, but Labor officials said the response rate to its surveys appeared normal.

The upwardly revised gains in August and September suggest the economy might more strength than it appears. Economists surveyed by MarketWatch expected an increase of 100,000 jobs in October. The number of new jobs created in September was raised to 163,000 from 148,000, while August’s figure was upped to 238,000 from 193,000. Average hourly wages, meanwhile, edged up 2 cents to $24.10 while the average workweek was unchanged at 34.4 hours.

Jim Williams is the Washington Bureau Chief, Digital Director as well as the Director of Special Projects for Genesis Communications. He is starting his third year as part of the team. This is Williams 40th year in the media business, and in that time he has served in a number of capacities. He is a seven time Emmy Award winning television producer, director, writer and executive. He has developed four regional sports networks, directed over 2,000 live sporting events including basketball, football, baseball hockey, soccer and even polo to name a few sports. Major events include three Olympic Games, two World Cups, two World Series, six NBA Playoffs, four Stanley Cup Playoffs, four NCAA Men’s National Basketball Championship Tournaments (March Madness), two Super Bowl and over a dozen college bowl games. On the entertainment side Williams was involved s and directed over 500 concerts for Showtime, Pay Per View and MTV Networks.