On the first Friday of every month the U.S. Bureau of Labor Statistics releases what's known as the jobs report. It's closely watched by economists, business leaders, investors and politicians because the report gives a sense of how the U.S. economy is doing. For the month of October, who's job's information came out last Friday. The government says the U.S. economy added 250,000 jobs better than what analysts and economists expected.
Most of the new jobs were in the fields of healthcare, manufacturing, construction, as well as transportation and warehousing. The unemployment rate is a percentage of the U.S. workforce that doesn't have a job. The report says it stayed the same in October as it did in September at 3.7 percent. That's the lowest it's been in 49 years which is good news for workers and the economy. The report also found that average wages increased. That's significant because while the number of jobs has been growing for years now, wages have been a sticking point because they haven't kept pace. In October though, the Labor Department says wages grew by 3.1 percent. That's their fastest pace in nine years.
With the U.S. midterm elections set for Tuesday, President Donald Trump, a Republican, called the jobs report incredible and said Americans should keep it going by voting for Republicans. Senator Chuck Schumer, a Democrat, said that numbers will mean little when average Americans see their healthcare costs go up because of Republican actions. So he wants people to vote for Democrats. Regardless of where folks stand politically, one interesting side effect of strong jobs growth is the challenge it creates for companies to get people to work for them. Consider what retailers are doing to attract seasonal or temporary workers with Christmas less than two months away.