While the unemployment rate holds steady at 5.0%, economists’ expectations of employment growth are exceeded with the addition of 271,000 jobs throughout the month of October.
According to the Bureau of Labor Statistics, job growth has averaged 230,000 per month over the past year. Business services, health care, retail trade, food services, drinking places and construction were the sectors that experienced the most significant job increases last month.
Industries that experienced little or no employment growth included manufacturing, wholesale trade, transportation, warehousing and government.
Having increased by 9 cents in October, the average hourly earnings for all workers on private nonprofit payrolls rose to an average of $25.20. And throughout the last 12 months alone, hourly earnings have risen by a total of 2.5%.
While the August and September job report numbers were less than encouraging, especially compared with those of previous months, the significant growth spurt experienced in October falls in line with economists’ previous predictions of a continued, steady economic recovery.