Report: 214,000 jobs added in October, manufacturing gains 15,000
IndustryWeek (11/10) reports that the Labor Department announced that employers added 214,000 jobs in October. Manufacturing sub-sectors showing the most gains in October were Machinery, adding 5,200 jobs; Fabricated Metals, adding 3,800 jobs; Furniture, adding 3,700 jobs; and Chemicals, adding 2,400 jobs. NAM Chief Economist Chad Moutray wrote that the numbers “suggest that hiring in October returned to the monthly averages we have seen over the past year. At the same time, these numbers underscore the importance of pro-growth, pro-export policies over the coming months. As policymakers debate their next steps post-election, they need to focus on measures that will have an immediate positive impact on the economy such as enacting tax reform, passage of Trade Promotion Authority, reauthorizing the Export-Import Bank, adopting immigration reform, enhancing workforce development and finding long-term infrastructure spending solutions, and other priorities.”
McClatchy (11/7, Hall, Subscription Publication) reports that the additional jobs pushed the unemployment rate down to 5.8 percent, suggesting that “the US economy is getting back to normal.” Gains were experienced in all sectors of the economy, and estimates from August and September were revised upward by 31,000 jobs from their initial estimate. Manufacturing added 15,000 more jobs last month, prompting NAM Chief Economist Chad Moutray to say “that is an encouraging sign that manufacturers are continuing to add workers consistent with recent increases in demand and output. In addition, manufacturing leaders remain mostly upbeat in their outlook, which should bode well for hiring moving forward in the sector.”
President Says Manufacturing Jobs Are An Opportunity For Cooperation With Incoming Republican Majority.The Washington Times (11/7, Boyer) reports that President Obama said he wants to “build on this momentum” following the release of the jobs report by meeting with leaders of the incoming Republican majority to find areas where they can work together. The article notes that some areas where the President has said there are strong possibilities for bipartisan cooperation include “getting people to work in manufacturing jobs, boosting exports and building on early childhood education.”
The Washington Post (11/8, O’Keefe) reports the President “said he would listen during lunch [with the top four House and Senate leaders] for areas where the two parties can work together, especially on manufacturing, boosting exports and early childhood education.” Republican leaders said that they would advocate for dozens of bills passed in the House that they think can be quickly approved by the new Congress next year, as well as remind the President that he “runs the risk of spoiling” bipartisan cooperation if he moves unilaterally on immigration reform.
Reuters (11/7) also reported this story.