U.S. Economy Still Booming

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CNBC: Jobs smash estimates with gain of 250,000, wage gains pass 3% for first time since recession

* Nonfarm payrolls increased by 250,000 for October, well ahead of Refinitiv estimates of 190,000.
* Average hourly earnings increased by 5 cents an hour for the month and 83 cents year-over-year, representing a 3.1 percent gain, the best pace since 2009.
* The unemployment rate stayed at 3.7 percent, the lowest since December 1969.

Job growth blew past expectations in October and year-over-year wage gains jumped past 3 percent for the first time since the Great Recession, the Labor Department reported Friday.

Nonfarm payrolls powered up by 250,000 for the month, well ahead of Refinitiv estimates of 190,000. The unemployment rate stayed at 3.7 percent, the lowest since December 1969.

Read more ….

Update #1: US economy smashes forecasts with 250,000 jobs added – as it happened (The Guardian)
Update #2: Jobs report beats big as wages grow at their fastest pace since 2009 (Business Insider)
Update #3: Wages up 3.1 per cent, 250,000 new jobs and 50-year low unemployment: Official figures show economy is booming on eve of Trump’s mid-term test as the president tweets ‘Wow!’ (Daily Mail)

WNU Editor: These economic trend lines are positive and a huge relief from the past decade of minimal growth. Unfortunately …. it is going to take a long time for many to catch up to what they lost …. Most Americans aren’t financially healthy despite booming economy, survey finds (LA Times). More here …. One-quarter of renters couldn’t cover a $400 emergency, survey finds (CNBC).

Update #4: This is positive news …. ‘Colossal collapse’ in gas prices expected heading into midterm elections (USA Today).

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