U.S. payrolls increased 266,000 in October, the most since January, after an upward revision of 156,000 for the prior month, and topping estimates of 180,000 jobs. It was the first full month that General Motors Co. workers returned to work after a 40-day strike, adding 41,300 to automaker payrolls following a similar drop the prior month.
The unemployment rate was little changed at 3.5 percent.
The average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $28.29. Over the last 12 months, average hourly earnings have increased by 3.1 percent. In November, average hourly earnings of private-sector production and nonsupervisory employees rose by 7 cents to $23.83. – BLS
On a relative basis, computer and electronics manufacturing hiring continue to outperform overall durable manufacturing payrolls (see chart).
The stronger jobs data bumps the Atlanta Fed’s GDP Now forecast for Q4 up to 2 percent, up from 0.3 percent in early November.