The US economy added 250,000 jobs in October. unemployment remains at 3.7%


The US economy added 250,000 jobs in October, federal economists said on Friday in the last snapshot of the labor market government ahead of the midterm elections.

The unemployment rate remained at 3.7%, a low of 49 years, and the typical employee's earnings increased by 3.1% compared to the year ended in October, the biggest jump since 2009.

"This is the best work environment in a decade," said Joseph Brusuelas, chief economist at RSM US, an international consulting firm.

The Office of Labor Statistics report comes less than a month after Hurricane Michael, which fired Florida oil and Georgia, hitting some people temporarily out of work and weakening economic activity in the southeast. The destruction of Michael followed Hurricane Florence, who destroyed houses and streets in the Carolinas with floods.

President Trump celebrated the country's recovery from the disaster on Friday on Twitter.

"Wow, the US added 250,000 jobs in October – and this happened despite hurricanes, unemployment is 3.7%, I'm hiring UP!" He wrote.

The country currently has 7.1 million jobs, a record high, the Labor Department announced on Tuesday.

Analysts say America's dynamic growth began in 2014 and has since been largely maintained. The average of the monthly jobs added from 2015 to 2016 was 211,000, according to data from the Office of Labor Statistics. Over the past two years, they have maintained this course.

Companies feel pressure to offer higher wages at a time when there are more vacancies than candidates to fill them, said Andrew Chamberlain, chief economist at Glassdoor.

"Average wages are finally rising, especially for some low-skilled jobs," Chamberlain said. "Maintenance workers, bankers, cashiers, cooks – employers work for many of these roles."

Healthcare, construction, construction, transport and storage have fueled the particularly robust employment growth in October.

Employment in hospitals, hospitals and other medical facilities increased by 36,000 jobs.

Production operations increased by 32,000, with the largest profits from producing goods. The construction was expanded by 30,000 roles, almost half of which focus on dwellings.

Transport and warehouse space gained from 0, 25,000, while leisure and hospitality recovered from the hurricane slowdown in September with 42,000 jobs.

The country's unemployment rate reached almost half a century in September. The president has embraced this data point. "Just Out: 3.7% Unemployment is the smallest number since 1969!" Trump tweeted on October 5th.

Some analysts have committed the increase in pay to legislative moves. Eighteen countries have raised their minimum wages this year.

Speaking Thursday at The Washington Post, White House Financial Advisor Larry Kudlow said he opposes this kind of policy at a national level. "My opinion is the federal minimum wage is a terrible idea, a terrible idea," he said, adding that wage restrictions are damaging to small businesses.

Markets rose immediately after the release of the report on Friday, but they had taken much of their profits until the morning.

The increase in employment in the United States slowed markedly in September, largely due to the devastating infiltration of the Hurricane of Florence through the Carolingians. About 313,000 people did not work in September due to adverse weather conditions, according to the Office for Labor Statistics.

Federal economists revised the increase in employment in September to 118,000 out of 134,000 – a weaker appearance thanks to Florence. Economists say that tens of thousands of others were probably lost to wages in October due to the losses suffered by Hurricane Michael.

Service workers and builders are more likely to miss shifts during and after major storms. It destroys rain shelters, destroys roads and delays shipments of building materials.

The company is breaking through tough weather conditions, according to a study by the Federal Reserve. It may take months for economic activity to recover.

"You can not work in a job if it's underwater," said Robert Frick, corporate economist at the Federal Credit Union Navy in Virginia.