Economy

U.S. jobs growth in October falls short of forecasts

U.S. jobs growth in October falls short of forecasts”

US stock-index futures held at modestly higher levels on Friday, after the October payroll report showed 261,000 jobs added in the month, below expectations.

It's not the headline number the market was expecting - some had pegged Friday's figure at 400,000 - but it nonetheless shows steady growth; an average gain of 139,000 jobs in the last two months.

The labor force participation rate decreased to 62.7% from 63.1% during the month.

The data for September also turned out not be as bad as initially reported, with 18,000 new jobs created, rather than a loss of 33,000 positions, the first contraction in almost seven years.

While October's jobs rebound was disappointing, the Federal Reserve is still likely to raise interest rates in December.

Employment in bars and restaurants sharply rebounded from the hurricanes, adding 89,000 positions in October following September's 98,000 decline.

The absence of better wage growth and inflation is one of the biggest mysteries in the economy.

The GOP tax plan unveiled yesterday is seen by some as a potential catalyst for job growth, which would benefit the USA economy.



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