US Economy Creates 250000 Jobs in October, Beating Expectations Again

A man works on a 2012 Jeep Wrangler at the Chrysler Toledo Assembly complex in Toledo Ohio

The economy added 250,000 jobs in October, the Bureau of Labor Statistics reported on November 2, with Hispanic unemployment dropping to 4.4 percent-a new record for data reaching back to 1973.

The U.S. economy added another 250,000 nonfarm jobs in October as the U.S. labor pool hit a record high of 156.562 million workers, the U.S. Labor Department's Bureau of Labor Statistics (BLS) reported Friday (Oct. 2).

Companies feel pressure to offer higher paychecks at a time when there are more jobs vacant than applicants to fill them, said Andrew Chamberlain, chief economist at jobs site Glassdoor.

Strength in their customer demand has been a key factor leading companies to steadily add workers.

And central bankers have made clear they expected to continue to gradually raise the benchmark lending rate for some time, including an expected three increases next year. Wages grew by 3.1% in October, the best since April 2009.

Acosta also said noted that Hurricane Michael's path through the Florida Panhandle on October 10 had no discernible effect on employment data or responses to the monthly labor survey.

The US Federal Reserve is not expected to raise interest rates when it meets to consider monetary policy next week, but the latest jobs report is likely solidify the case for the rate hike expected in December. Payrolls adding 250,000 new jobs, well above expectations.

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The unemployment rate in the U.S. has not remained below 4% for a sustained period since the Vietnam war. And weekly wages are increasing at a faster rate because Americans worked more hours last month. Analysts are cautiously optimistic after President Donald Trump said Thursday that he plans to meet with Chinese leader Xi Jinping at a multilateral summit this month.

But the anticipated bounce back in job growth is likely to be tempered some what by Hurricane Michael, which struck the Florida Panhandle in mid-October.

The stimulus "is driving strong growth, but we have a almost trillion dollar deficit and at some point we have to pay for that", said Stevenson, who is now an associate professor at the University of MI.

Among economists, there was wider agreement that the jobs report pointed to strength in the United States economy, despite recent worries that weakness may be emerging in some sectors such as housing and trade. And we'd like to see more reports of rising business investment to lay a strong basis for future hiring.

Retailers barely hired, adding just 2,400 positions, possibly reflecting the Sears bankruptcy. Construction expanded by 30,000 roles, almost half of which focus on residential homes. But in recent months, it appears they have finally taken the step economists have long recommended: Pay more. Four years ago, the Baltimore resident and Army veteran said he was working two near-minimum-wage jobs at restaurants and sleeping in a homeless shelter. Americans increased their spending by 4 percent in the July-September quarter, the biggest acceleration in almost four years. Higher tariffs on Chinese imports have raised costs for many manufacturers.

Housing remains a weak spot in the economy, with sales of existing homes having fallen for six straight months as mortgage rates have risen to almost 5 percent. That trend, in turn, can accelerate inflation. But for now, inflation remains right around the Federal Reserve's target of 2 percent.

Average hourly earnings for production and non-supervisory workers increased 3.2 per cent from a year earlier, following 2.8 per cent in September.

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