The October Jobs report
“The October jobs report is unambiguously positive for the US economic outlook,” said Citigroup economist Andrew Hollenhorst. “Above-consensus hiring in October, together with upward revisions to prior months, is consistent with our view that job growth will maintain a pace of 130-150K per month. Wage growth remaining at 3.0% should further support incomes and consumption-led growth.”
Within the household survey data the civilian labor force grew by 325,000 in October; as the total civilian population grew by 207,000. Additionally the household data shows the number of people employed grew last month by 241,000.
Lowest Black Unemployment in US history
The overall unemployment rate remained relatively unchanged at 3.6 percent, and almost every category of worker is at record low unemployment rates.
Everyone that wants to work is able to find a job easily. Additionally, the year-over-year wage growth remains +3.0 percent, which is much higher than inflation.
The financial pundits are quite shocked at the strength of Main Street and reevaluating their perspectives on the U.S. economy. Here’s a few examples: