October jobs report did not disappoint: Inside the data
The U.S. jobs report for October did not disappoint.
Businesses are advertising for a record number of job openings and several companies, including Amazon and Walmart, have hiked their minimum wages in a bid to lure and retain employees.
The solid jobs report comes after U.S. stocks were hammered throughout the month of October. The Nasdaq composite index fell roughly 9 percent over the month as weak earnings reports hurt industry leaders such as Amazon and Alphabet. Markets are contending with Federal Reserve interest rate hikes, the U.S.-China trade conflict and political turmoil related to the midterms, among other factors.
FOX Business takes a deep dive into the data and the impact to the economy.
Jobs, Jobs, Jobs
The U.S. economy added 250,000 jobs in October, exceeding estimates by a wide margin, according to the Bureau of Labor Statistics. Healthcare, manufacturing and construction helped drive the gains. The month bested September, when the economy added a paltry 118,000 new jobs, which was revised lower. Another notable revision included August which was revised higher to 286,000 vs. 270,000.
President Trump described the report with a "Wow!" ...
Unemployment sits at 50 year low
The U.S. unemployment rate held steady at 3.7 percent – its lowest level since 1969.
Rising wages good news
Wages saw a nice pop during the month rising by 5 cents to $27.30. The bright spot is the year-over-year trend which saw pay jump 3.1 percent. That rate outpaced the 2.8 percent growth posted in September and is the strongest since the recession.
Hurricane impact?
Despite Hurricane Florence which made landfall in the Carolinas, and Hurricane Michael which devastated the Florida Gulf Coast, the impact was little to none on the employment data. "Hurricane Michael had no discernible effect on the national employment and unemployment estimates for October" the BLS said in the report. On Thursday, there was concern that the storms could produce a monthly drop of 60,000 jobs in October, according to data from the U.S. Council of Economic Advisers referenced by National Economic Council Director Larry Kudlow on FOX Business.
Markets & midterms
The October jobs report is the last key financial data point to be released ahead of Election Day on Tuesday. The data supports the growing economy as voters head to the polls.
The Associated Press contributed to this report.