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U.S. adds 250k jobs in October, wage growth soars

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. added 250,000 jobs in October, beating the 190,000 jobs estimate from economists, the Labor Department said on Friday. Unemployment rate held at 3.7%, a nearly 50-year low, while wages grew 3.1% year-over-year, the biggest jump since 2009.

Why it matters: The final gauge of the Trump economy before the midterm elections was strong. Separately, it reinforces the Federal Reserve's case to raise interest rates one more time this year.

Details:

  • Job growth was strong in health care, manufacturing, and construction sectors.
  • Hispanic unemployment hit a record low of 4.4%, while African American unemployment ticked slightly higher to 6.2%.
  • September's jobs number was revised lower to 118,000 from 134,000, but that was offset by an upward revision in August's jobs number.
  • The Labor Department said Hurricane Michael, which made landfall during the surveying period for jobs, had "no discernible effect" on employment data in October.

The bottom line: Jason Furman, former Chairman of the Council of Economic Advisors under Obama, tweeted that this was an exceptional jobs report:

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