The American stock market surged Friday after an October jobs report posted better-than-expected private payroll growth; sending the Dow Jones average up 250-points and the S&P 500 setting a new record.
“The October jobs report was very strong,” said Gus Faucher, chief economist at PNC. “Job growth slowed a bit because of the GM strike, but with the strike over it should bounce back in November.”
“Stock Market up BIG! Record highs for S&P 500 and NASDAQ. Enjoy!” posted the President on social media.
Stock Market up BIG! Record highs for S&P 500 and NASDAQ. Enjoy!
— Donald J. Trump (@realDonaldTrump) November 1, 2019
October job creation topped analyst’s expectations this week; with the US economy adding more than 128,000 positions despite the ongoing worker strike at General Motors.
“Nonfarm payrolls rose by 128,000 in October as the U.S. economy overcame the weight of the GM autoworkers’ strike and created jobs at a pace well above expectations,” reports CNBC.
“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,” adds the website.
“This report is yet another sign that the economy is still strong right now and adds to a list of indicators that are looking optimistic of late,” said Steve Rick, chief economist at CUNA Mutual Group. “The vigor of this labor market, along with a more positive housing market and solid Q3 GDP, should offer some welcome reassurance.”
The unemployment rate remains steady at 3.6%.
Read the full report at CNBC.