October Job Growth Surges by 250, 000
Unemployment Remains at Record Low of 3.7%
JOB GROWTH: Following a downward revision from 134,000 jobs to 118,000 in September, job growth more than doubled in October to 250,000.
TOP INDUSTRIES: The top sectors for growth in October included healthcare, manufacturing, construction and transportation and warehousing.
UNEMPLOYMENT: The unemployment rate remained steady at 3.7 percent, its lowest rate since 1969.
WAGES: Average hourly earnings finally broke through the three percent barrier for the first time in nearly a decade, increasing from 2.8 percent to 3.1 percent on an annual basis
WORK WEEK: The average work week from September to October increased by 0.1 hour to 34.5 hours.
TEMPORARY JOB TRENDS: The temporary jobs sector experienced its fourth consecutive month of growth, adding 3,300 jobs.
WHAT DOES IT ALL MEAN? October was a strong month on all fronts. Better than expected job growth was coupled with no losses in any major sector. As more people come back to the job market, unemployment remains at its lowest point since 1969. In good news for workers, wages are on the upswing. With the number of job openings exceeding active jobseekers for more than six months now, the only downside is the one employers face as they continue to struggle to attract and retain the talent needed to fuel growth.
This newsletter references the BLS Report of October activity, released 11/2/18.
Sources: U.S. Bureau of Labor Statistics (BLS), Steinberg Employment Research, CNBC, Staffing Industry Analysts, Bloomberg, Reuters, The Wall Street Journal, The New York Times, USA Today, Business Insider, MarketWatch