Updated Nov 2, 2018

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

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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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Unemployment fell to 50-year low in 2019 but wages stagnated

Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

Friday's jobs report missed expectations, but still delivered solid numbers, showing the U.S. economy added well over 100,000 jobs and the unemployment rate remained near a 50-year low.

The big picture: BLS reported that the number of people who were employed part time but would rather be full-time employees declined by 507,000 over the year.

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Growing divide between the two Americas

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Life in the U.S. is increasingly divided into two realities — one in which things have almost never been better and another in which it's hard to imagine them being worse.

Driving the news: Bankruptcies led more companies to announce job cuts last year than at any time in more than a decade, WSJ's Aisha Al-Muslim reports (subscription), citing data from outplacement firm Challenger, Gray and Christmas.

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An unsettling future for millions of American jobs

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The U.S. economy is besting expectations for job growth, and the unemployment rate is at its lowest in several decades — but the other side of the story is that millions of jobs out there just aren't good enough.

Why it matters: Almost half of all American workers are stuck in low-wage jobs that often don't pay enough to support their lives, lack benefits and sit squarely inside the automation bullseye.

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