The U.S. economy may be sturdier than many had assumed.
Employers added a surprisingly strong 204,000 jobs in October despite the 16-day government shutdown, the Labor Department said Friday. And they did a lot more hiring in August and September than previously thought.
Not only that, but activity at service companies and factories accelerated last month.
Unemployment rose to 7.3 percent from 7.2 percent in September. But that was probably because furloughed federal workers were temporarily counted as unemployed.
“It’s amazing how resilient the economy has been in the face of numerous shocks,” said Joe LaVorgna, chief U.S. economist at Deutsche Bank.