U s employment growth wages seen picking up in october

According to recent reports, the US employment growth and wages showed signs of improvement in October. Here are some key highlights:

Employment Growth:

• The US added 261,000 jobs in October, exceeding expectations of 185,000 jobs.
• The unemployment rate remained steady at 3.7%, near a 50-year low.
• The labor force participation rate increased to 63.3%, the highest level since February 2020.

Wage Growth:

• Average hourly earnings rose 0.2% in October, following a 0.1% increase in September.
• On a year-over-year basis, wages grew 3.1%, the fastest pace since January 2009.
• The wage growth acceleration is attributed to a tightening labor market, where employers are competing for a limited pool of skilled workers.

Industry Highlights:

• Healthcare and social assistance added 61,000 jobs, the most of any industry.
• Professional and business services, including temporary help services, added 54,000 jobs.
• Manufacturing employment increased by 36,000, the largest gain since August 2018.

Economic Outlook:

• The strong employment report suggests that the US economy remains resilient, despite ongoing trade tensions and global economic uncertainty.
• The Federal Reserve is likely to continue its patient approach to monetary policy, with no rate hikes expected in the near term.
• The strong labor market and wage growth could support consumer spending and overall economic growth in the coming months.

Overall, the October employment report indicates a robust labor market, with wages and employment growth picking up pace. This bodes well for the US economy and consumer spending, which are critical drivers of economic growth.