Home ยป U.S. Job Growth Soars; Annual Wage Gain Largest Since 2009
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U.S. Job Growth Soars; Annual Wage Gain Largest Since 2009

Summary:

The government reported that employers added 250,000 jobs in Oct. and that the unemployment rate remained 3.7%, the lowest level in nearly 50 years. Consumers are spending freely, fueling brisk economic growth and encouraging employers to hire. In Oct, the proportion of Americans with jobs reached its highest level in 10 years. More jobs at higher pay have helped underpin consumer spending which grew by 4 percent in the July-September quarter, the biggest acceleration in nearly four years.

Questions:

  • Will the strong economic numbers mean the congress will remain in GOP control?
  • Does the previous administration deserve any credit for the sustained 9-year growth?
  • Will we reach an employment shortage?

Article:

WASHINGTON (Reuters) – U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December.

The Labor Department’s closely watched monthly employment report on Friday also showed the unemployment rate was steady at a 49-year low of 3.7 percent as 711,000 people entered the labor force, in a sign of confidence in the jobs market.

Sustained labor market strength eased fears about the economy’s health following weak housing and business spending data. President Donald Trump cheered the robust jobs report, which came less than a week before the midterm elections that will decide who controls the U.S. Congress.

“These are incredible numbers,” Trump tweeted.

Nonfarm payrolls increased by 250,000 jobs last month as employment in the leisure and hospitality sector bounced back after being held down by Hurricane Florence, which drenched North and South Carolina in mid-September.

Read More: https://www.reuters.com/article/us-usa-economy/u-s-job-growth-soars-annual-wage-gain-largest-since-2009-idUSKCN1N70AJ?utm_source=applenews

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