Jobs added to the United States economy beat expectations in the month of October, according to a report by Fox Business.
The economy added about 250,000 jobs in October, maintaining the 3.7 unemployment rate, which is the lowest in almost 50 years.
The private sector alone added 227,000 jobs, which was far above the expected 189,000.
Labor force participation rate also increased to 62.9 percent, up from 62.7 percent. Average hourly earnings rose by five cents to $27.30, which is the highest it has been since the Great Recession, Fox reported.
“We saw better-than-expected payroll gains at 250,000 jobs, surging wages and increased labor force participation,” said Mark Hamrick, a senior economic analyst for Bankrate.com.
“That’s a kind of an economic trinity that we haven’t often seen during this economic expansion,” he added.
Economists noted that October might have taken repossession of some of the jobs lost in September due to Hurricanes Florence and Michael.
“It is possible that we recaptured some of the jobs not reported present in the September numbers,” Hamrick said.
President Donald Trump noted the impressive numbers in a tweet on Friday, using it as an encouragement for voters to stick with Republicans in the upcoming midterm elections.
“Wow! The U.S. added 250,000 Jobs in October – and this was despite the hurricanes,” Trump tweeted.
“Unemployment at 3.7%. Wages UP! These are incredible numbers. Keep it going, Vote Republican!”
Wow! The U.S. added 250,000 Jobs in October – and this was despite the hurricanes. Unemployment at 3.7%. Wages UP! These are incredible numbers. Keep it going, Vote Republican!
— Donald J. Trump (@realDonaldTrump) November 2, 2018
The vice president credited the Trump administration’s new economic policies for reviving the U.S. economy, including their rollback of regulations and the tax reform that translated into relief for small businesses and working families.
“We’re setting one record after another and I think the American people see that and (Trump’s policies are) the reason why,” the vice president said.
“We’ve been essentially unleashing the American economy.”
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