October Jobs Report Smashes Expectations Leaving Economists ‘Wowed’… For-Hire-Trucking Adds 2,400
Little Rock, Arkansas – The news for the U.S. economy continues to get even better as the Bureau Of Labor Statistics released its October jobs report today only a few days ahead of next week’s mid-term elections. U.S. job creation smashed expectations gaining 250,000 new jobs in October. Analysts had predicted fewer than 180,000 jobs would be created. The unemployment rate remained at 3.7% which is the lowest since December 1969.
For-Hire Trucking Gains 2,400 Jobs
The for-hire-trucking segment also gained 2,400 jobs during the month which outpaced last October by 2.5%. Overall, the transportation and warehousing sector created 24,600 jobs.
Wages See Biggest Increase Since 2009
Perhaps the most exciting sign for Americans is wages grew by 3.1%. This is the most wages have grown in a single month since 2009. Consumer confidence is certain to continue to remain strong in the face of news like this which bodes well for future economic success.
Economists Are “Wowed”
Economists from both sides of the political spectrum are weighing in today on the robust job numbers. Even President Trump’s most ardent opponents are praising the news. Here’s a sampling…
Jason Furman, who ran the Council of Economic Advisers under President Barack Obama, said he didn’t see anything bad in the October numbers, citing strong wage growth and a bounce-back in job growth from last month.
I’m not seeing anything bad in this jobs report. Strong hourly wage growth, even stronger weekly wage growth, higher labor force participation, lower broader underemployment, while job growth bounced back from last month and the unemployment rate remained low.
— Jason Furman (@jasonfurman) November 2, 2018
Martha Gimbel, the research director at Indeed.com, America’s #1 job site, summed up the headline number in one word: “wow.”
— Martha Gimbel (@marthagimbel) November 2, 2018
AFL-CIO chief economist William Spriggs said the three highest-paying industries had slower job growth than the low-wage and fast-growing leisure and hospitality sector.
Job gains in October were for all industries–high wage (those above the average) and low wage. But, the three highest paying industries did have slower growth than the low wage fast growing leisure and hospitality @AFLCIO #JobsReport #JobsDay pic.twitter.com/SCYG7ZeRbn
— William E. Spriggs (@WSpriggs) November 2, 2018
Even Jared Bernstein, who was former Vice President Joe Biden’s economic adviser, said the data showed “pretty much everything you could want in a monthly jobs report.”
Pretty much everything you could want in a monthly jobs report. Payroll gains way better than expected, nice pop in labor force participation, wage growth continues to strengthen, finally beating inflation (real gains!). Score 1 for “room-to-run” crowd!
— Jared Bernstein (@econjared) November 2, 2018
Jim Cramer of CNBC even conceded the Trump tax cuts “are working” saying, “a lot of people are getting jobs and I love that.”
— Kevin McCarthy (@GOPLeader) November 2, 2018