The U.S. Bureau of Labor Statistics released its monthly employment situation report last week, and it was a doozy. Total nonfarm payroll employment increased by 165,000 jobs in October, thanks in no small measure to investment in artificial intelligence infrastructure. The numbers blew away the consensus estimate of 65,000 jobs and more than trebled the 48,000 monthly average over the preceding 12 months. No one saw it coming, and it likely raised the odds for a December rate hike when the Federal Reserve meets again in December. In addition to the blowout growth in October, the Labor Department revised the August and September employment numbers upward by a total of 84,000.
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