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