Truly excellent jobs report another sign Trumponomics works

JOBS BOOM: US Companies Add a Robust 227000 Jobs in October

JOBS BOOM: US Companies Add a Robust 227000 Jobs in October

But the latest government data on business investment was weaker than expected, a sign companies might be holding off on spending because of uncertainty on trade. "Keep it going, Vote Republican!"

President Trump touted the figures in a tweet Friday, just days before midterm elections that will decide control of Congress. "Wages UP!"

Between September and October, the US jobless rate remained unchanged at 3.7% as total nonfarm payroll employment gains were posted primarily in health care, manufacturing, construction, and transportation and warehousing. Professional and business services, which include engineers, architects and accountants, gained 35,000 jobs.

The economy also added 250,000 jobs - that's a jump from the 134,000 non-farm jobs added in September. A Pew Research Center survey in September-October showed significant majorities of voters who support Democratic candidates saw the rich-poor gap and wages as "very big" problems in the country today. Wages grew by 3.1% in October, the best since April 2009.

Inflation has also increased in the past year, eroding some of the value of that increase. In manufacturing, the workweek edged down 0.1 to 41 hours and 3.5 hours of overtime.

On average, the USA economy has added 218,000 jobs a month over the last three months - well above the rate needed to keep up with population growth. Separate Labor Department data released earlier this week showed that salaries in the third quarter were, on average, 2.9 percent higher than last year's. "Meanwhile, the housing sector, another weather-sensitive industry, also registered job gains this month". The last time this occurred was over a year ago (June 2017).

Kinestral Technologies Inc., which engineers and manufactures smart-tinting windows for homes and commercial buildings, has added about six people to its USA staff of just more than 100.

If individual workers don't produce more, it is hard for employers to justify pay increases that exceed price increases. There are a record 7.14 million open jobs.

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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. Workers at United States Steel Corp (X.N) are set to receive a hefty pay rise also.

Employment gains averaged 218,000 jobs per month over the past three months, double the roughly 100,000 needed to keep up with growth in the working-age population. That is seen supporting the economy through at least early 2019 when gross domestic product is expected to significantly slow as the stimulus from the White House's USD1.5 trillion tax cut package fades.

In this regard, it is important to point out that the National Federation of Independent Businesses reports that the proportion of small firms that are unable to fill their current vacancies is the highest it has been in the survey's 40+ year history.

The strong jobs creation last month defied expectations, even by Trump's top economist, Kevin Hassett, who said he had been bracing for a dip in hiring after Hurricane Michael pummeled the Florida panhandle and Georgia. Construction expanded by 30,000 positions, almost half of which focus on residential homes.

The gains in jobs and pay took a toll on the bond market, however.

Nonfarm payroll employment rose by 250,000 in October.

Among the 32,000 new manufacturing jobs added in October were 21,000 in durable goods manufacturing and more than 10,000 in transportation manufacturing.

The October jobs report offers "another reminder of the labor market's persistent strength even as the stock market has swerved down in recent weeks", the Times said. In a separate report on Friday, the Commerce Department said the trade gap increased 1.3 per cent to $54.0 billion in September, widening for a fourth straight month.

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