- USA employers added a stellar 250,000 jobs last month and boosted average pay by the most in almost a decade in an effort to attract and keep workers.
Significantly, wage growth also hit a new watermark, rising by 3.1 percent annually in October.
The unemployment rate stayed at 3.7 percent, the lowest it's been in almost 50 years. Eighteen states have increased their minimum wages this year. "It is encouraging to see that Americans are seeing more in their paychecks as job creators compete for the best talent in the workforce", Acosta said in a statement.
"Wow! The U.S. added 250,000 Jobs in October - and this was despite the hurricanes".
The report from the Bureau of Labor Statistics arrives less than a month after Hurricane Michael pummeled the Florida panhandle and Georgia, knocking some people temporarily out of work and dampening economic activity in the Southeast.
"This is the best labor environment in over a decade", said Joseph Brusuelas, chief economist at RSM U.S., an global consulting firm. That followed no change in September, which the Labor Department said was probably due to the impact of Hurricane Florence. Most analysts expect the Fed to resume its rate hikes in December. 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).More news: Why Apple shares are selling off
Weekly wages rose even faster than hourly wages at 3.4 percent over the past year, the strongest increase in 11 years.
The labor participation rate also increased to 62.9 percent, up from 62.7 percent.
"The fact is that there's 1.3 million people who were so discouraged that they weren't in the labor force that are back in and majority have a job now".
The number of persons employed part time for economic reasons was unchanged at 4.6 million. Prices of U.S. Treasuries were lower. These individuals were not in the labor force, but wanted and were available for work and had looked for a job sometime in the past year. ADP said the economy had added 227,000 jobs in October, with employers reporting they are now struggling to fill positions.
Employment increased in health care, in manufacturing, in construction, and in transportation and warehousing.
October also marked the second month in a row that a hurricane had landed in the middle of the survey - meaning the figures could be subject to extra volatility, Ian Shepherdson of Pantheon Macroeconomics said.More news: Priyanka Chopra Celebrates Bachelorette Party in Amsterdam!
Manufacturing jobs jumped by 32,000, with the largest gains stemming from goods production. Construction employment grew by 30,000.
The jobs news will nearly certainly overwhelm another piece of economic news released Friday - the trade deficit in goods and services, which widened in September as imports rose more than exports.
Consumers are the most confident they have been in 18 years and are spending freely and propelling brisk economic growth. "This job market has more room to run", said Ryan Sweet, head of monetary policy research at Moody's Analytics Inc.in West Chester, Pennsylvania. September was the worst month for employment gains in a year. Despite the end of the summer driving season on Labor Day, employment in leisure and hospitality edged up in October by 42,000.
A strong labour market is continuing to pull people off the jobs-market sidelines.
Markets jumped immediately after the release of the report Friday but ended the day in the red, with the Dow Jones industrial average down nearly 110 points mainly on concerns that the U.S. The state's private sector job count is based on a payroll survey of 18,000 NY employers, which is conducted by the U.S. Bureau of Labor Statistics. Government payrolls rose by 4,000 jobs. Nominal average hourly earnings rose by 3.1 percent over the past 12 months. That was mostly offset by the August revision to 286,000 jobs, up from 270,000.
The jobs numbers come on the heels of a report Wednesday from payroll processing firm ADP, which revealed that 227,000 private sector jobs were added in October, up from 218,000 in September. ADP's report doesn't include government employment and frequently diverges from the official figures, however.More news: Setback for US-China trade deal hopes