The United Stated added over 250,000 jobs to the economy for the month of October while the unemployment rate remained at 3.7 percent. The report from the Department of Labor exceeded expectations as experts were projecting 190,000 jobs to be added.
U.S. Secretary of Labor Alexander Acosta issued on Friday the following statement regarding the October 2018 Employment Situation report:
“The October jobs report showed another booming month of job creation. With 250,000 new jobs added, we have a total of 4.5 million new jobs since November 2016. Jobs were added across all industries. Employment hit a record high of 156,562,000.
“For the second straight month, the unemployment rate is 3.7%, the lowest rate since 1969. For six months this year, the unemployment rate has been under 4.0%. Continuing to set records under President Trump, the unemployment rate for Hispanic Americans was the lowest ever.
“Over the past year, we have had the largest increase in average hourly earnings since 2009. It is encouraging to see that Americans are seeing more in their paychecks as job creators compete for the best talent in the workforce.
“The October jobs report added more positive news to the soaring Trump economy. Gross Domestic Product for the third quarter was 3.5% and consumer confidence is the highest in more than 18 years. This week, the White House announced that over 6 million Americans will receive workforce education as a result of the President’s Pledge to America’s Workers. Investing in the American workforce will continue to build great returns for our nation.
“Parts of the United States continue to recover from devastation caused by Hurricane Florence and Hurricane Michael. The Department of Labor is working closely with impacted states to help dislocated workers get back to work as quickly as possible.”