Our country added 250k new jobs in October which is an amazingly high number when you consider our unemployment rate is just 3.7%. It’s very difficult to create this many new jobs when there are so few unemployed people.
- The volatile Household Survey showed 600k more people were employed last month.
- Year over year wage growth rose 3.1%, the highest level since September 2009! This is great news for consumers; but bad news for inflation and interest rates.
- The Unemployment Rate remained at a 49-year low of 3.7% while total unemployed, or the U6 number fell to 7.4% from October 2017s number of 8%.
- The Labor Force Participation Rate rose to 62.9 from 62.7.