The news John Challenger said to watch out for came this morning when the Bureau of Labor Statistics released its most bullish report on job creation since May. The report said 166,000 jobs were created in October, twice what economists had expected.
Challenger, CEO of outplacement firm Challenger, Gray & Christmas, said Thursday to watch the economic developments this month before deciding whether his jobs optimism needed revising. He spoke with us mere hours after news of fresh layoffs seemed to eclipse the optimistic job cuts prediction in the firm’s monthly report.
Today’s employment report shows the jobs created in October were the third highest of the year behind May’s 190,000 and the 175,000 in March.
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As you might have expected, manufacturing and construction continued to lose jobs, while the service sector, especially tourism and business services, created 190,000 new jobs.
Wall Street barely noticed.