U.S. Economy Shines in October, Adds 250,000 Jobs, Beating Estimates

 

The U.S. economy added 250,000 jobs in October, significantly beating estimates, the Bureau of Labor Statistics announced Friday. 

The unemployment rate remained steady at 3.7%, a historic 49-year low. There was also good news for workers as wages grew by 3.1%. Most of the new jobs were generated by the health care, manufacturing and construction industries. Manufacturing jobs were the biggest winner in Friday's jobs report with 32,000 roles added in the last month. Construction ran second with 30,000 added in October. 

The Labor Department announced on Thursday there were a record 7.1 million job openings in the country - a record high. 

"The labor market is booming. It’s beyond almost anyone’s measure of full employment," said Mary Daly, president of the San Francisco Federal Reserve, in a speech Tuesday.

The average number of monthly jobs added since 2015 - 2016 was 211,000 according to statistics from the Bureau of Labor Statistics and growth has kept pace since then. 

President Donald Trump celebrated the unemployment and job numbers Friday, urging people to get out and vote for the GOP in the midterms. 

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!

 

The agency said that Hurricane Florence may have had a depressing effect on job growth, but that Hurricane Michael had "no discernible effect." 

Hurricane Michael made landfall in the Florida Panhandle on October 10, 2018,  during the reference periods for both the establishment and household surveys. Hurricane Michael had no discernible effect on the national employment and unemployment estimates for October, and response rates for the two surveys were within normal ranges.

September's job growth numbers were slightly revised downward to 118,000 from 134,000. 

Photo: Getty Images

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