U.S. adds 250,000 jobs in October, jobless rate steady


The economy also added 250,000 jobs last month, which was well ahead of analysts' expectations.

Strong annual wage growth would mirror other data published this week showing wages and salaries rising in the third quarter by the most since mid-2008.

Stock futures rose on Friday after the release of the report.

Unemployment in the United States held steady at 3.7% - a 48-year low. The personal consumption expenditures price index excluding the volatile food and energy components has increased 2.0 percent for five straight months. Prices of U.S. Treasuries were lower.

Many employers have been struggling to find qualified applicants, which helps explain why average pay rose 3.1 percent over the past 12 months - the fastest year-over-year increase since 2009. Workers at United States Steel Corp are set to receive a hefty pay rise also.

Employment gains have averaged 208,000 jobs per month this year, double the roughly 100,000 needed to keep up with growth in the working-age population. An influx of new job-seekers increased the proportion of Americans with jobs to its highest level since 2009.

A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, fell to 7.4 per cent last month from 7.5 per cent in September. Teenage unemployment dropped last month to 11.9 percent, the lowest since 1969.

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Construction companies hired 30,000 more workers in October.

Retail payrolls probably remained weak, weighed down by layoffs related to Steinhoff's Mattress Firm bankruptcy as well as some store closures by Sears Holdings Corp.

The jobs report will likely be a boon to Republicans running on their economic achievements, including the stimulus the Republicans injected into the economy through tax cuts, an increase in spending and a reduction in regulations.

In years when the economy is performing poorly, the issue of jobs tends to poll much higher as a top concern. Job gains in the sector, which accounts for about 12 per cent of the US economy, could slow after a survey on Thursday showed a measure of factory employment fell in October.

Manufacturing output and hiring remain healthy, according to a survey by a private trade association, although increased tariffs have raised factory costs.

The jobs report comes after US stocks were hammered throughout the month of October, with the tech-heavy Nasdaq Composite falling roughly 9 percent over the month as weak earnings reports hurt industry leaders such as Amazon and Google's parent company, Alphabet. Meanwhile, the USA trade war with China poses a risk to further gains and companies may be slowing capital investment.