BOOMING: Economy Roars With 250,000 New Jobs in October

Donald Trump

The Bureau of Labor Statistics said the economy added 250,000 jobs last month, compared with forecasts of 200,000, and unemployment remained at a decades-low rate of 3.7%.

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. Professional and business services 35,000.

The economy brushed past Hurricane Michael, adding 250,000 net new positions in October and handily overshooting forecasts, while salaries rose at the fastest pace in almost a decade, the Labor Department said. The unemployment rate 3.7 percent. The Labor Department said Hurricane Michael, which struck Florida last month, "had no discernible effect" on the latest figures. That also puts workers ahead in real terms after the 2.3% year-over-year rise in the consumer-price index in the 12 months through September. Separate Labor Department data released earlier this week showed that salaries in the third quarter were, on average, 2.9 percent higher than last year's.

Firming wages support the view that inflation will hover around the Fed's 2.0 percent target for a while.

The labor force participation rate also ticked up in October to 62.9%, a 0.2% increase from September.

Employers, scrambling to find qualified workers, are boosting wages.

The country now has 7.1 million job openings, a record high, the Labor Department announced Tuesday.

Wages jumped. Average monthly earnings increased 3.1 percent from the year before, the first time in the current economic expansion that the figure has crossed the 3 percent mark.

Some analysts have tied rising pay to moves by 18 states to increase their minimum wages at the start of the year. Markets are also contending with rising concern about Federal Reserve interest rate hikes, an escalating U.S. Job growth in 2018 is averaging 213,000 new jobs per month, the strongest pace in three years.

That is seen supporting the economy through at least early 2019 when gross domestic product is expected to significantly slow as the stimulus from the Trump administration's $1.5 trillion tax cut package fades.

Nonfarm payrolls probably increased by 190,000 jobs last month, according to a Reuters survey of economists. Retail payrolls rose by only 2,400, likely restrained by layoffs related to Steinhoff's Mattress Firm bankruptcy as well as some store closures by Sears Holdings Corp (SHLDQ.PK).

Most of the net new jobs in October came from health care, construction, and manufacturing, which has added 296,000 jobs over the past year. The Fed's credit tightening has led to higher rates for the average 30-year fixed mortgage - 4.8 percent, up from 3.9 percent a year ago.

Construction employment rose by 30,000 in October, with almost half of the gain occurring among residential specialty trade contractors. Government payrolls are expected to have increase by 7,000 jobs in October.

This article is for general information purposes only. Leveraged trading is high risk and not suitable for all. Manufacturers added 32,000 after two months of smaller gains, defying fears that Trump's trade fights would slow hiring in that sector. The United States is locked in a bitter trade war with China as well as tit-for-tat tariffs with other trade partners, including the European Union, Canada and Mexico.

The jobs report comes after USA stocks were hammered throughout the month of October, with the tech-heavy Nasdaq Composite falling roughly 9 percent over the month as weak earnings reports hurt industry leaders such as Amazon and Google's parent company, Alphabet.

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