Ball State University Economist Michael Hicks calls the most recent national employment figures "a good, solid jobs report." The U.S. Bureau of Labor Statistics says 250,000 jobs were added in October, 60,000 more than analysts expected, and the unemployment rate remained in 49-year-low territory at 3.7 percent. The previous month’s report, Hicks says, was distorted by the effects of Hurricane Florence.
Hicks adds "the revised job gains in September were downgraded to just 118,000, so the October figures of 250,000 are welcome. We continue to observe workers entering the labor market at much higher rates than expected."
More takeaways include a higher-than-expected increase in the number of workers entering the labor market, inflation-beating wage gains of 3.3 percent for the year and 32,000 factory jobs.