Economy
November 5, 2019
Net Job Creation Through October 2019
Written by Peter Wright
The rate of job creation in October slowed, partly due to the GM strike. Net job creation in October declined to 128,000 from an upwardly revised 180,000 in September. August was revised up by 51,000 and September up by 44,000. In combination, this was the highest upwards two-month revision that we can remember.
Rising employment and wages are the main contributors to GDP growth because personal consumption accounts for almost 70 percent of GDP. Steel consumption is related to GDP; therefore, this is one of the indicators that help us understand the reality of the steel market.
