October was a stunning month for job growth in America, where the economy added 250,000 jobs during this time.
The new jobs can be found in a wide range of industries. Unemployment for minorities such as Hispanics and African-Americans remains low while wages are increasing, making it possible for millions of people to take home significantly more money than they would have otherwise.
Not a single major employment category lost jobs last month; even so, employment in some industries has grown faster than others. Business and professional services have added an impressive 35,000 jobs this last month, which is particularly noteworthy because these jobs tend to offer better pay than many other employment opportunities. Healthcare jobs rose by up to 36,000 last month, while warehousing and transportation jobs rose by 24,000. Construction employment rose by 33,000 and manufacturing jobs rose by 32,000.
Other industries that added more than 10,000 jobs in the last month alone include education and leisure and hospitality. Information, government and retail trade jobs opportunities, all of which had decreased in September 2018, saw an increase in October 2018. In fact, information and government jobs added this month were more than the number of jobs in these fields that were lost in the previous month.
At the same time, the increase in jobs isn’t the only good news to be found in last month’s job report. The report found that, overall, employers had increased job hours for their workers. As of now, the average work week for a full-time employee stands at 34.5 hours a week. Pay has also risen across a wide range of industries.
Construction has become a particularly lucrative job opportunity as wages in that industry have risen well above 4% this year alone, while average wage growth across all industries currently stands at an average of 3.2%. Several large companies such as Amazon and United States Steel Corp are raising wages for their workers while employers in various industries are offering higher wages to potential employees in an effort to find qualified personnel.
The unemployment rate, which is currently 3.7%, is lower than it has been in the last 50 years. As Jason Furman, former Chairman of the Council of Economic Advisors under Obama, recently tweeted, there is literally nothing negative in this recent job report. Only positive information can be found as President Trump’s economic policies seem to be working in an effective manner to provide good jobs for the overwhelming majority of the population. In fact, the only downside that can be seen in the report is the fact that the FED will likely use the great news as a pretext to increase interest rates later on in the year.
It is hard not to notice the fact that the American economy is doing better now than it has for a long time. Unemployment is low, wages are rising and job opportunities are plentiful for people of all ages and walks of life. As the economy continues doing well, the optimistic mood will most likely bring about a wave of spending that is sure to boost the economy even more.
Additionally, the above mentioned benefits are coming along with the tax breaks many lower and middle class workers will receive early next year thanks to the recent Tax Cuts and Jobs Act.
~ Liberty Planet