U.S. employers added 261,000 jobs in October, missing expectations for an increase of 312,000 jobs. The unemployment rate ticked down to 4.1% from 4.2%, as reported by the Bureau of Labor Statistics.
Although the numbers were not as strong as economists expected, many investors, including Lisa Erickson, head of Traditional Investments Group, US Bank Wealth Management, are bullish on the U.S. economy.
She described the latest economic data as representing synchronized growth in the upswing, during an appearance on FOX Business Network’s Mornings with Maria.
As for other data points, employment in food services and drinking establishments rebounded during the month by 89,000, while U.S. manufacturers added 24,000 jobs.
The labor force participation rate decreased to 62.7% from 63.1% during the month. Average hourly earnings meanwhile, at $26.53, decreased by 1 cent.
The GOP tax plan unveiled yesterday is seen by some as a potential catalyst for job growth, which would benefit the U.S. economy.
National Economic Council Director Gary Cohn will join the FOX Business Network’s “Varney & Co.” at 9:45 a.m. ET for a full analysis of the tax plan, the latest jobs data and what it means for U.S. workers and the economy.