Incredible October Jobs Report -- What Was The Fed Thinking? Notes From All Over, Part 2 -- November 1, 2019

Making America great: October job creation easily tops estimates even with auto strike -- CNBC. 

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Employment data for October, 2019, link here:

• nonfarm payrolls, m/m change: 
• prior: 136,000
• consensus: 90,000 (due to GM strike)
• actual: 128,000 -- wow
• unemployment rate
• prior: 3.5%
• consensus: 3.6%
• actual: 3.6% -- remains around the lowest in decades
  
• unemployment rate for minorities
• African-American: nudged lower to 5.4% -- a new record
• total employment: 158.5 million -- an all-time high
• average hourly earnings, y/y change: 3% gain, in line
• average work week unchanged at 34.4 hours (Obamacare mandate - 35 hours)
• average hourly earnings, m/m change
• prior: 0.0%
• consensus: 0.2%
• actual:
• but look at this -- prior data revised considerably higher:
• August's initial 168,000 estimate revised all the way up to 219,000
• September's intial 136,000 came all the way up to 180,000
• at current rate -- well above the pace needed to keep unemployment rate around its current level 
• with numbers like this one has to wonder if "the Fed" misread the economy; why it had to cut rates again (this week); whether Trump actually goaded "the Fed" into acting 
• market surges; Dow up 93 points