Ho-hum job creation mixed with a surge in higher wages
US Jobs Report – October 2016
On Friday, November 4, the Bureau of Labor Statistics released its monthly employment situation report for October, which is a widely used indicator for the health of the labor market. The October report met with modest job growth while the real story was a surge in higher wages.
- U.S. adds 161,000 new jobs in October below expectations but reflecting an economic recovery that still has plenty of life
- The unemployment rate fell below 5.0% again to 4.9% as the labor market tightened; sending employers scrambling to fill open positions by boosting pay at the fastest pace in seven years – average hourly earnings were up 2.8% over the year
- The labor force participation rate changed little, returning to 62.8%
- The size of the labor force has increased by more than a million people in the past five months
- 3rd-quarter GDP picked up the pace expanding at an annual rate of 2.9%, the best quarterly advance in two years
Want to know more about the top trends in the job market? Check out the US Labor Market Update from Monster Intelligence.