US adds 250K jobs as wages rise

FILE
Caption
FILE

Credit: Jan Underwood

Credit: Jan Underwood

Beating expectations and resulting in a record number of employed people, total non-farm payroll employment rose by 250,000 in October, leaving the unemployment rate unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics said Friday.

The big job gains happened in health care, manufacturing, construction, transportation and warehousing.

Another bright spot: Average-hourly earnings rose 3.1 percent from a year earlier, the best pay raises in nearly a decade.

MORELocal grants would fuel create of 852 new jobs 

Hurricane Michael had no discernible effect on the national employment and unemployment estimates for October, the government said.

The news also comes after U.S. stocks were hammered last month, with the tech-heavy Nasdaq Composite falling about nine percent over October as weak earnings reports hurt industry leaders such as Amazon, Apple and Google’s parent company, Alphabet.

The October increase follows an average monthly gain of 211,000 over the prior 12 months.