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In the final major economic report before Tuesday's congressional elections, the government said Friday that USA employers added a robust 250,000 jobs in October. The 3.0 percent unemployment rate for individuals with some college or an associate degree is the lowest it has been since July 2001.
Nonfarm payrolls rose 250,000 after a downwardly revised 118,000 gain, a Labor Department report showed Friday.
Online retail giant Amazon.com Inc (AMZN.O) announced last month that it would raise its minimum wage to $15 per hour for US employees starting in November. These individuals were not in the labor force, but wanted and were available for work and had looked for a job sometime in the past year. "With consumer confidence at its highest point since 2000 and GDP growth at an impressive 3.5% this quarter, there is an even stronger case for continuing to raise interest rates into 2019", said Rick Steve, chief economist at CUNA Mutual Group.
The U.S. economy is in its 10th year of expansion, the second-longest such period on record, and October marked the 100th straight month of hiring, a record streak.
Strength in their customer demand has been a key factor leading companies to steadily add workers.
The Fed is not expected to raise rates at its policy meeting next week, but economists believe October's strong labor market data could see the USA central bank signal an increase in December. October's hiring was the strongest in eight months. Professional and business services 35,000.
Construction employment rose by 30,000 in October, with almost half of the gain occurring among residential specialty trade contractors. "They're being more rational". Wages grew by 3.1% in October, the best since April 2009. Four years ago, the Baltimore resident and Army veteran said he was working two near-minimum-wage jobs at restaurants and sleeping in a homeless shelter.
Manufacturing output and hiring remain healthy, according to a survey by a private trade association, although increased tariffs have raised factory costs.
In another dose of good news, the American workforce grew by 711,000 people, lifting the labour force participation rate 0.2 percentage points to 62.9%, after holding stubbornly stable through the economic recovery.
Sluggish worker pay gains despite the healthy United States jobs market had baffled economists, and the gain now is well above the 2.3% pace of consumer inflation. "That translates into more consumer consumption and a handsome picture in terms of growing the economy into next year". Hispanic unemployment reached its lowest rate ever, at 4.4%.
If individual workers don't produce more, it is hard for employers to justify pay increases that exceed price increases. That trend, in turn, can accelerate inflation. But economists said it's still encouraging, as the pay increase remains well above the inflation rate, meaning that workers' pay is actually raising their standard of living. The Federal Reserve's preferred price measure rose 2 percent in September compared with a year earlier, slightly lower than the year-over-year increase in August.