The rapidly growing economy generated 250,000 new jobs in October, keeping the unemployment rate at a 48-year low and pushing the increase in worker pay to the highest level in more than nine years.
Average hourly wages rose 3.1 percent in October, the fastest annual gain since 2009.
Please spread everywhere and pounded it home in the final days before elections.
This WOULD NOT be happening under a DEMOCRAT leadership. VOTE REPUBLICAN in November!
— JoAnn Bailey (@mimiatthesea) November 2, 2018
Consider this the first of two gifts Donald Trump got this morning for next week’s midterm elections. The booming US economy added 250,000 jobs in October, well above expectations and a big jump from September’s revised sub-maintenance level of 118,000. Perhaps more importantly, wages jumped upward at the best pace since the start of the recovery in 2009:
Total nonfarm payroll employment rose by 250,000 in October, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in manufacturing, in construction, and in transportation and warehousing.
The unemployment rate remained at 3.7 percent in October, and the number of unemployed persons was little changed at 6.1 million. Over the year, the unemployment rate and the number of unemployed persons declined by 0.4 percentage point and 449,000, respectively. …
The average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.5 hours in October. In manufacturing, the workweek edged down by 0.1 hour to 40.8 hours, and overtime was unchanged at 3.5 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls, at 33.7 hours, was unchanged over the month.
In October, average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $27.30. Over the year, average hourly earnings have increased by 83 cents, or 3.1 percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $22.89 in October. More
Joe Biden’s economic adviser:
Pretty much everything you could want in a monthly jobs report. Payroll gains way better than expected, nice pop in labor force participation, wage growth continues to strengthen, finally beating inflation (real gains!). Score 1 for “room-to-run” crowd!
— Jared Bernstein (@econjared) November 2, 2018
Even CNN’s Christine Romans praised the October jobs report as “really strong”, noting that American company hiring has brought unemployment to a “generational low.”
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