The U.S. Economy Added 250,000 Jobs in October Exceeding Expectations

Business

The U.S. economy added 250,000 jobs last month exceeding expectations set by most economists. The unemployment rate remained unchanged at 3.7%. The jobless rate is at the lowest it’s been since 1969, 49 years ago.

Among the industries that added the most jobs are healthcare at 36,000, business services with 35,000 and manufacturing with 32,000 positions added.

In further good news, the labor force participation rate increased by 0.2% to 62.9%. Perhaps the brightest spot in the report was the wage increases. Average hourly earnings for all employees rose by 5 cents in October to $27.30. Over the last year, average hourly earnings have increased by 83 cents or 3.1%.

President Trump celebrated the announcement on Twitter. “Wow! The U.S. added 250,000 Jobs in October – and this was despite the hurricanes. Unemployment at 3.7%. Wages UP! These are incredible numbers. Keep it going, Vote Republican!” he wrote.

The Bureau of Labor Statistics warned last month that Hurricane Florence may have depressed job growth, but that Hurricane Michael in the Florida panhandle had “no discernible effect.”

The U.S. is in one of the longest economic expansions in history. It will achieve the largest expansion in its history if it can keep the current pace steady until July of 2019.

Photo by the U.S. Department of Agriculture via Flickr

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