US labor pool adds 250000 jobs in October, DOL Secretary credits ‘Trump economy’

by Talk Business & Politics

In September, the U.S. civilian labor force added a disappointing 118,000 nonfarm positions. At the same time, Arkansas’ unemployment rate fell to an all-time low of 3.7% through September, eclipsing the previous record touched in August and the summer of 2017 when the state’s labor pool climbed to more than 1.35 million workers.

LITTLE ROCK, AR (Talk Business & Politics) – The U.S. economy added another 250,000 nonfarm jobs in October as the U.S. labor pool hit a record high of 156.562 million workers, the U.S. Labor Department’s Bureau of Labor Statistics (BLS) reported Friday (Oct. 2).

Between September and October, the U.S. jobless rate remained unchanged at 3.7% as total nonfarm payroll employment gains were posted primarily in health care, manufacturing, construction, and transportation and warehousing. The Labor Department’s snapshot of the U.S. job marketplace easily beat economists’ expectations of only 188,000 job gains and a jobless rate of 3.7%, according to the Wall Street Journal’s monthly survey.

Following the market-moving job report, U.S. Labor Department Secretary Alexander Acosta credited President Donald Trump for “another booming month of job creation,” noting that the jobless rate held at the lowest level since 1969 for the second straight month.

“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,” Acosta said in a statement. “The October jobs report added more positive news to the soaring Trump economy.”

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Acosta also said noted that Hurricane Michael’s path through the Florida Panhandle on Oct. 10 had no discernible effect on employment data or responses to the monthly labor survey.

“Parts of the U.S. 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,” said Acosta.

Read more on this story here from KATV content partner Talk Business & Politics.


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