The U.S. added 250,000 jobs in October, beating the 190,000 jobs estimate from economists, the Labor Departmentsaid on Friday. Unemployment rate held at 3.7%, a nearly 50-year low, while wages grew 3.1% year-over-year, the biggest jump since 2009.
Why it matters: The final gauge of the Trump economy before the midterm elections was strong. Separately, it reinforces the Federal Reserve’s case to raise interest rates one more time this year.
I’m not seeing anything bad in this jobs report. Strong hourly wage growth, even stronger weekly wage growth, higher labor force participation, lower broader underemployment, while job growth bounced back from last month and the unemployment rate remained low.
— Jason Furman (@jasonfurman) November 2, 2018