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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: