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U.S. Economy Creates 250,000 Jobs in October, Beating Expectations Again
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New data released by the Bureau of Labor Statistics (BLS) shows that nonfarm payroll employment rose by 250,000 jobs in October, far exceeding expectations by 50,000 jobs. The United States economy continues its longest, consecutive streak of positive monthly job numbers, with employment growth averaging 213,000 jobs per month in 2018—larger than the monthly gains in both 2016 (195,000) and 2017 (182,000). Overall, the economy has added 4.5 million jobs since the election of President Trump in November 2016.
Wages are also rising. Nominal average hourly earnings rose by 3.1 percent over the past 12 months. This is the first time that the 12-month growth in nominal average hourly earnings exceeded 3 percent since April 2009. Nominal weekly earnings growth is an even stronger 3.4 percent over the past 12 months. Both hourly and weekly earnings are rising faster than inflation, which rose by 2.0 percent using the Personal Consumption Expenses (PCE)—the Federal Reserve’s preferred measure, because it is so broad—in the most recent data from September.
Employment gains were widespread, with all industries gaining jobs over the month (see figure below). The last time this occurred was over a year ago (June 2017). These increases were especially large in education and health services (44,000), leisure and hospitality (42,000), manufacturing (32,000), construction (30,000), and transportation and warehousing (25,000). Since the President was elected, construction and manufacturing have fared extremely well, adding 507,000 and 446,000 jobs, respectively.
source link
New data released by the Bureau of Labor Statistics (BLS) shows that nonfarm payroll employment rose by 250,000 jobs in October, far exceeding expectations by 50,000 jobs. The United States economy continues its longest, consecutive streak of positive monthly job numbers, with employment growth averaging 213,000 jobs per month in 2018—larger than the monthly gains in both 2016 (195,000) and 2017 (182,000). Overall, the economy has added 4.5 million jobs since the election of President Trump in November 2016.
Wages are also rising. Nominal average hourly earnings rose by 3.1 percent over the past 12 months. This is the first time that the 12-month growth in nominal average hourly earnings exceeded 3 percent since April 2009. Nominal weekly earnings growth is an even stronger 3.4 percent over the past 12 months. Both hourly and weekly earnings are rising faster than inflation, which rose by 2.0 percent using the Personal Consumption Expenses (PCE)—the Federal Reserve’s preferred measure, because it is so broad—in the most recent data from September.
Employment gains were widespread, with all industries gaining jobs over the month (see figure below). The last time this occurred was over a year ago (June 2017). These increases were especially large in education and health services (44,000), leisure and hospitality (42,000), manufacturing (32,000), construction (30,000), and transportation and warehousing (25,000). Since the President was elected, construction and manufacturing have fared extremely well, adding 507,000 and 446,000 jobs, respectively.