The U.S. economy added a robust 165,000 jobs in October, far surpassing economists’ expectations of just 59,000 new positions, according to new data from the Bureau of Labor Statistics. The unemployment rate also dipped slightly to 4.1%, beating projections of 4.2%.
The unexpectedly strong jobs report, released just weeks before the midterm elections, showed particular strength in professional services, healthcare, transportation, and manufacturing sectors. The government also revised upward its estimates for August and September job gains by a combined 84,000 positions.
Private Sector Leads Growth
October’s job growth was driven overwhelmingly by private sector hiring, with federal employment reaching its lowest level since 1966. The Trump administration has made reducing the federal workforce a priority, reclassifying thousands of senior positions earlier this year to streamline dismissals for poor performance or misconduct.
“We’ve cut way over a million federal jobs,” President Trump said during an October campaign stop. “I hate to do that, but we had 10 people wrapped around a chore that was supposed to be the work for one.”
Wage Growth and Sector Performance
Wages showed modest growth, with average hourly earnings rising 0.4% to $38 in October – a 3.1% increase over the past year. Professional and business services led hiring with 70,000 new jobs, far above their 15,000 monthly average for 2018. Healthcare added 42,000 positions, while transportation/warehousing grew by 25,000 and manufacturing by 19,000.
Kevin Hassett, director of the National Economic Council, called it “one of the best jobs reports I’ve ever seen,” noting unemployment claims had hit record lows. “What we’ve got is a job market that’s hitting on all cylinders,” Hassett said.
The strong economic numbers came just before Democrats scored significant midterm gains, with many candidates campaigning on economic inequality concerns despite the positive jobs data.
Source: www.dailywire.com โ https://www.dailywire.com/news/trumps-economy-crushed-expectations-month-before-midterm-nightmare