U.S. Economy Added 250,000 Jobs In October; Unemployment 3.7 Percent

15 hours ago
Originally published on November 2, 2018 8:44 am

Updated at 8:41 a.m. ET

Employers added 250,000 in October, more than analysts expected, as the jobless rate remained at 3.7 percent, a nearly 50-year low, the Labor Department said Friday.

The report also showed that the pace of wage growth picked up last month. Average earnings climbed to $27.30 an hour — 3.1 percent above a year earlier. In September, wages saw a 2.8 percent year-over-year increase.

The report gives voters a final glimpse of the economy before Tuesday's midterm elections.

The increase in jobs marked the 97th straight month of gains. The economy is currently in one of the longest expansions in modern U.S. history.

The number of jobs added in September was revised down to 118,000 from the 134,000 originally reported. The September number was somewhat depressed compared with prior months because of Hurricane Florence, which ravaged North and South Carolina.

The rebound in job creation was widely expected. Economists had projected the economy added around 200,000 jobs last month.

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