Nov 2, 2018

3. 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:

Go deeper

U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

D.C. Mayor Muriel Bowser said Wednesday the city will start to lift coronavirus restrictions on Friday after seeing a 14-day decline in community spread of the virus. The city’s current stay-at-home and business closure orders were set to run through June 8.

By the numbers: More than 98,900 people have died from the novel coronavirus and over 1.6 million have tested positive in the U.S. Over 384,900 Americans have recovered and more than 14.9 million tests have been conducted.

Boeing to lay off 6,770 more U.S. employees

Lufthansa Boeing 747 passenger aircraft. Photo: Boris Roessler/picture alliance via Getty Images

Boeing will lay off 6,770 U.S. more employees as it seeks to offset the plummeting demand from the coronavirus pandemic and its year-long grounding of the 737 MAX, CEO Dave Calhoun told employees Wednesday.

The big picture: Boeing was already cutting 10% of its workforce, which included 5,530 voluntary layoffs. The jobs most in peril are related to its commercial industry, while the company's defense, space and related services businesses will try to limit the overall job loss, per a Boeing spokesperson.

Biden compares "tragic" death of George Floyd to Eric Garner

Joe Biden at a virtual event last month. Photo: JoeBiden.com via Getty Images

Before former Vice President Joe Biden began his virtual event with Pennsylvania Gov. Tom Wolf Wednesday, he addressed the recent officer-involved death of George Floyd, a black man in Minneapolis.

What they're saying: Biden referenced the 2014 death of Eric Garner, an unarmed black man who died after a New York police officer used an illegal chokehold on him during an arrest.