Jobs Market Growing, US Unemployment Decreasing

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

The economic expansion is now the second-longest on record, and October marked the 100th straight month of hiring, a record streak.

On Friday, the government reported employers added a strong 250,000 jobs in October and the unemployment rate remained 3.7 percent, the lowest level in almost 50 years.

Pay gains also arguably are understated owing to demographics.

Consumers are the most confident they have been in 18 years and are spending freely and propelling brisk economic growth. "Unemployment at 3.7%. Wages UP!" he wrote.

President Donald Trump has expressed outrage at the Fed's current tightening cycle, after three hikes this year. "These are incredible numbers", the president said.

Yet one surprising element of the midterm campaign season has been how little the sunny economic picture appears to be benefiting Trump and Republican congressional candidates.

Friday's report gives voters a final glimpse of the economy before Tuesday's midterm elections. Many appear motivated by noneconomic factors. According to polls, Democrats have a strong chance of winning control of the House of Representatives. "If that is starting to crack, we might see millions of more people joining the labor force".

Nonfarm payrolls rose 250,000 after a gain of 118,000 the month before, a Labor Department report showed on Friday.

That, in part, reflects that inflation was higher in those periods, but also that worker productivity was growing more rapidly.

Even so, October's increase suggests that after a decade of anemic growth, wage growth is picking up.

Video of cop killer tweeted by Trump denounced as racist
There are attack ads, and then there are Willie Horton-type attack ads. "They've resorted to fearmongering". Democrats are generally favored to win the 23 seats they need to gain a majority in the U.S.

Politico noted that Trump, in his campaigning for Republicans, has focused more on immigration and the Central American caravan than the economy.

Year-over-year wage growth above 3 percent for the first time in almost a decade. Yet that hasn't happened.

Some of the strong payrolls growth came from a slight downward revision to September's number, but overall it lifts the average over the past 12 months to 211,000.

Employers know this well, as they continue to struggle to fill openings. And the proportion of Americans without a high school degree who are working has reached the highest point on records dating from 1992. Most job applicants whom his firm encounters are looking for higher pay and more opportunities to advance. The Trump administration's tax cuts have likely also contributed.

Americans boosted their spending by the most in almost four years in the July-September quarter. "The trade war is slowing the growth rate, because tariffs are a sales tax imposed on Americans by the USA government".

The Federal Reserve has been raising short-term rates to try to prevent the economy and inflation from expanding too fast. Over the year, the unemployment rate and the number of unemployed persons declined by 0.4 percentage point and 449,000, respectively.

The long-awaited gains follow relatively tepid increases throughout the current expansion, which in mid-2019 will become the longest in USA history.

The Fed is not expected to raise rates at its policy meeting next week, but economists believe October's strong labour market data could see the USA central bank signal an increase in December. Some of the third quarter's weakness reflected lower spending on oil and gas drilling equipment as oil prices fell.

Manufacturing output and hiring remain healthy, according to a survey by a private trade association, although increased tariffs have raised factory costs.

"What's so impressive to me is there have been more jobs than workers every month since March of this year", said Scott Clemons, chief investment strategist at Brown Brothers Harriman. Earnings for non-bosses (a category the Labor Department calls "production and non-supervisory workers" and excludes managers), grew even faster at 3.2 percent.

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