October job creation comes in at 128,000, easily topping estimates even with GM auto strike

The U.S. added 128,000 jobs in October, solidly beating the expected 75,000 new jobs.

Nonfarm payrolls rose by 128,000 in October as the U.S. economy overcame the weight of the autoworkers' strike and created jobs at a pace well above expectations.

The unemployment rate for African-Americans nudged lower to 5.4%, a new record. Also, the total employment level as measured in the household survey jumped to 158.5 million, also a new high. Together the new estimates added 95,000 positions for the two-month period, bringing the three-month average to 176,000, which is well above the pace needed to keep the unemployment rate around its current level.The report helps further quell worries that the U.S. economy is teetering toward recession and helps affirm the assessment from most Federal Reserve officials.

Social assistance increased by 20,000 while financial activities rose by 16,000, bringing to 108,000 the total Wall Street jobs added over the past year.

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