Nonfarm payrolls rose by 128,000 in October, exceeding the estimate of 75,000 from economists surveyed by Dow Jones. The unemployment rate ticked higher to 3.6%, in line with estimates, but remains around the lowest in 50 years. The unemployment rate for African Americans nudged down to a record low 5.4%. CNBC reports:
The total employment level as measured in the household survey jumped to 158.5 million, also a new high.
The pace of average hourly earnings picked up a bit, rising 0.1% to a year-over-year 3% gain, also in line with estimates. The average work week was unchanged at 34.4 hours.
“This report is yet another sign that the economy is still strong right now and adds to a list of indicators that are looking optimistic of late,” said Steve Rick, chief economist at CUNA Mutual Group. “The vigor of this labor market, along with a more positive housing market and solid Q3 GDP, should offer some welcome reassurance.”