Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Truck Series (TRUCK)
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBreaking NewsOctober reports strong job growth, 261,000 jobs added, above expectations, Biden welcomes...

October reports strong job growth, 261,000 jobs added, above expectations, Biden welcomes report

Add to Favorite
Added to Favorite
Courtesy President Joe Biden

On Friday, the Labor Department released the job report for October and said that 261,000 jobs had been added, indicating that the economy remained resilient. Despite higher interest rates, jobs remained robust and defied economists estimates of 200,000 in October. This final glimpse of the labor market before the midterms is expected to be used by both the national parties, in their closing pitch. President Joe Biden has already welcomed the strong jobs report. Major U.S. stock indexes also rose, after the jobs report was released.

 President Joe Biden celebrated the jobs gains and said, “We’re going to do what it takes to bring inflation down. But as long as I’m president, I’m not going to accept an argument that the problem is that too many Americans are finding good jobs.”

 This year, the economy has added 407,000 jobs, on an average, every month while the increase in monthly jobs in 2021 was 562,000. Although there have been gains in October, there is a slight rise in unemployment rates which stands at 3.7 percent. Data from the Bureau of Labor Statistics said that unemployment has remained at a narrow range between 3.5 and 3.7 percent from March.

 October jobs saw gains across the following sectors:

healthcare industry

professional and technical services

manufacturing and

leisure and hospitality jobs.

 Sectors that reported no monthly increases included construction and retail.

 Wages have also increased and this has helped workers but consumer spending has become cautious due to inflation. Average hourly earnings rose by 4.7 percent which is well below the inflation rate.

 The labor market is gradually softening but not as much as predictions by economists after the Federal Reserve’s aggressive campaign to raise interest rates to control inflation. The strong labor market proves the resilience of the overall economy in the U.S.

 The Federal Reserve has aggressively increased interest rates. On Wednesday, the Fed announced another increase, which was the sixth increase in the year. The next increase might not be as aggressive, according to some.

Celebrity News Update- Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping.

Walmart is hiring and boosting the US economy with $20 per hour jobs

 

Subscribe to get Latest News Updates

Latest News

You may like more
more

Alphabet’s Google combines Android with hardware for better AI integration, CWEB analysts analyze

Alphabet’s Google (GOOGL) has many successful teams dealing separately...

Investment Opportunities in Discount Retail Sector During Tax Refund Season

Exploring Investment Opportunities in the Discount Retail Sector During...

Philip Morris International Inc. – A Leading Investment in Tobacco

Philip Morris International Inc. (PM:NYSE) - A Strong Player...

Telecommunications Sector Analysis: Verizon, AT&T, Comcast

Telecommunications Sector: A Deep Dive into Verizon, AT&T, and...