U.S. adds 161000 Jobs in October and jobless rate down to 4.9%
A tightening job market is delivering the strongest wage growth for U.S. workers since the recession, likely keeping the Federal Reserve on track to raise interest rates next month
Employers added 161000 nonfarm jobs in October, with upward revisions to the two prior months bolstering the recent trend of job gains, the Labour Department said November 4, 2015. The unemployment rate ticked down to 4.9 % owing to a dip in the number of people participating in the workforce.
The highlight of the report, however, was a 2.8 % year-over-year jump in average hourly earnings for private-sector workers, the largest annual rise since June 2009.
“It takes time for a tight labour market to manifest in strong wage gains,” said Nariman Behravesh, chief economist at data and analytics firm IHS Markit. “But now we’re seeing it, and I’m pretty confident that going forward we’ll see pretty decent wage growth.”
The jobs report was the last major reading on the health of the U.S. economy before Election Day. But coming just four days before the election and after millions of votes already have been cast, it will likely have a muted impact on the course of the campaign.
Democratic presidential nominee Hillary Clinton called the report “good news” at an appearance in Pittsburgh, adding that “our economy is poised to really take off and thrive.”
Republican candidate Donald Trump told a rally in New Hampshire that the jobs report was “terrible,” pointing to last month’s rise in the number of people not in the workforce. He called the unemployment rate a “phony” number.