New York, NY Jobs Report
The U.S. economy added more jobs than expected in October with 128,000 new jobs being added. October’s release also noted that the unemployment rate rose slightly and is now sitting at 3.6%.
For the financial sector, October numbers showed that employment in financial activities alone rose by 16,000. Over the last 12 months, this sector has added 108,000 jobs.
Gus Faucher, PNC chief economist, wrote in a note to clients, “With good job gains and solid wage growth, households’ incomes are increasing, which will boost consumer spending through the end of 2019 and into 2020.” He added, “The current economic expansion, already the longest in US history, looks set to continue at least through the first part of next year despite the trade war drag.”
Good news was also shared for August and September job numbers. Revisions to the numbers now include an extra 95,000 jobs that were added in August and September combined.
The labor force participation rate saw little change at 63.3 percent. Overall, the report was much stronger than what economists forecasted.
*The following chart displays the latest local job growth by sector compared to the previous month. Note that if a sector experienced losses or flat growth, it will not be displayed as part of the graphic.
BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.