The US economy continued to move forward in October, as the Labor Department statistics released this week showed that the number of jobs increased by 150,000. While this number is slightly lower than what was predicted, it’s still a positive sign for the economy.
The 150,000 job increase was slightly lower than the 160,000 increase that economists originally predicted. This is primarily being attributed to the increasing uncertainty surrounding the US-China trade dispute and the decrease in the global economy. In addition, employers are beginning to become more cautious in their hiring decisions.
Despite the lower than expected number of jobs, unemployment remained steady at 3.7%. This is the lowest rate in 49 years and shows that the US economy is continuing to be strong. The reason for this is most likely the low unemployment rate, which helps to fuel consumer spending.
Also encouraging is the fact that wage growth is also continuing to move in the right direction. Average hourly earnings rose 0.4 percent in October and 3.1 percent from last year. This is in part due to the tight labor market, where workers are able to command higher salaries.
The job market in the US appears to be holding steady, as evidenced by the monthly job figures and the low unemployment rate. While the number of jobs created in October may have been lower than originally predicted, the overall news is good. Consumer spending is still high and wage growth is continuing to increase. This bodes well for the future of the US economy.
