US Adds 250,00 Jobs, Wages Rise 3.1%

Ivan Schwartz
November 5, 2018

Economists also noted that the pay increase remains well above the inflation rate.

The overall unemployment level remained at 3.7 percent, the lowest since 1969, while Black and Asian unemployment inched down to 6.2 percent and 3.2 percent respectively.

"This is the best labor environment in over a decade", said Joseph Brusuelas, chief economist at RSM US, an global consulting firm. Michael had "no discernible effect" on national employment and unemployment estimates for October, the Labor Department said.

"That was a tremendous number by any standards", Trump said.

Employers shook off a September slowdown to add a robust 250,000 jobs to their payrolls in October, the Labor Department said Friday. Unemployment at 3.7%. Wages UP!" he wrote on Twitter, telling reporters later in the day: "We had tremendous job numbers today.

One of the most positive signs for workers in the labor data has been the 7.1 million job openings in the US economy.

The monthly average job creation now stands at about 180,000 for the last three months. The past two years have maintained that course.

Companies are under pressure to offer higher paychecks at a time when there are more jobs vacant than applicants to fill them, said Andrew Chamberlain, chief economist at Glassdoor, a jobs site. Mr. Cha said wages there are lower and growing more slowly than in California.

In late August, she took a job at a hospital in Springfield that pays $11.22 an hour.

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In October, the economy added jobs in all major industries tracked by the BLS, with construction and manufacturing employment both rising by more than 30,000 in October.

Employment at hospitals, nursing homes and other medical facilities surged by 36,000 positions. Many retailers are removing the label "seasonal" from their job postings and looking for permanent workers instead.

Construction companies probably hired more workers in October.

These numbers also were reflected in an uptick of 0.2 percentage points in the labor-force participation rate, to 62.9%. The president has embraced this data point.

Despite the recent improvements, wage gains are still soft compared with other periods of similarly low unemployment.

United States stock futures declined after the report, while the dollar trimmed losses and 10-year Treasury yields were higher. That shortfall has contributed to mounting credit-card debt and loan defaults. "I don't think the wage growth will put a brake on economic growth". An influx of new job-seekers increased the proportion of Americans with jobs to its highest level since 2009. Government payrolls are expected to have increase by 7,000 jobs in October.

Employment gains have averaged 208,000 jobs per month this year, double the roughly 100,000 needed to keep up with growth in the working-age population. There are a record 7.14 million open jobs.

Some analysts have tied rising pay to legislative moves. "My view is a federal minimum wage is a bad idea". Businesses as big as Amazon often have margins that allow them to raise pay without blowing up prices, some economists say. The September number was somewhat depressed compared with prior months because of Hurricane Florence, which ravaged North and SC.

Although voters see the economy as one of the top issues that will determine who they favor for in the midterm elections, according to Pew Research, analyses of past midterms show that partisan views tend to overwhelm the objective performance of the labor market.

Other reports by GizPress

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