US job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labour market tightening that could encourage the Federal Reserve to raise interest rates again in December. You still have more people coming back to the labor market.
Overall the jobs report reflected the tightest labor market in several years, one putting pressure on employers to raise worker pay.
FILE- In this January 30, 2018, file photo, Loredana Gonzalez, of Doral, Fla., fills out a job application at a JobNewsUSA job fair in Miami Lakes, Fla. Data for September was revised to show 118,000 jobs added instead of the previously reported 134,000. The economic expansion is now the second-longest on record, and October marked the 97th straight month of hiring, a record streak.
The year-over-year change reflects possibly storm-boosted figures in October and storm-depressed numbers the prior year, though companies have also been steadily raising pay to attract and retain workers in a tightening market. Though economists predict that hiring will eventually slow as the pool of unemployed Americans dwindles, there's no sign of that happening yet. All levels of government added 4,000 jobs from public payrolls last month.
President Trump touted the figures in a tweet Friday, just days before midterm elections that will decide control of Congress. "Wages UP!"
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.
Analysts had been expecting the United States to add around 188,000 jobs over the month.
The report from the Bureau of Labor Statistics arrives less than a month after Hurricane Michael pummeled the Florida panhandle and Georgia, knocking some people temporarily out of work and dampening economic activity in the Southeast. The hospitality sector gained 42,000 jobs, the strongest bounce since last October's recovery from Hurricanes Harvey and Irma.
FBN's Blake Burman breaks down the October jobs report.
There were also big gains in manufacturing, construction and professional and business services payrolls.
Construction employment rose by 30,000 in October, with almost half of the gain occurring among residential specialty trade contractors.
If employees are pleased with their higher paychecks, financial markets tend to get nervous when wages climb too much since they're believed to lead to inflation.
In the July-September quarter, consumer spending grew by the most in four years and helped the economy expand at a 3.5 percent annual rate. The annual increase of 3.1 per cent followed a 2.8 per cent advance. So far, hiring in the manufacturing sector does not appear to have been affected by the White House's protectionist trade policy, which has contributed to capacity constraints at factories.
Participation rate increased to 62.9 per cent from 62.7 per cent the prior month; measure tracks share of working- age people in labor force.
Average hourly earnings in October grew 3.1 percent from ago, federal data show.
There are signs that pay growth is picking up.
The 12-month wage increase was the largest since 2009 and topped September's 2.8 percent gain.
Economists also noted that the pay increase remains well above the inflation rate. Wages rose at their fastest pace in almost a decade, up 3.1% from a year ago.
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