U.S. Job Gains Over the Last Year

The United States added 128,00 jobs in October, beating economists’ prediction of 89,000 jobs being created, CNN reported November 1, citing the Bureau of Labor Statistics. The increase follows the GM strike, which lasted 40 days and left 46,000 workers without employment. The unemployment rate slightly increased to 3.6 percent, but is still close to a 50-year low.

The average monthly gain of employment has been 167,000 jobs, lower than last year’s monthly creation of 223,000 jobs a month.

Overall, hourly earnings slightly rose by 0.2 percent in October, which is an increase of 3 percent from the following year.

For the third time, the Federal Reserve had cut interest rates, to potentially help the economy. Interest rates will remain stable for now, the Fed said.