The numbers: The U.S. economy added 261,000 jobs in October as employment rebounded from barely any gain in the prior month due to hurricanes Harvey and Irma. Economists polled by MarketWatch had predicted a 325,000 increase in nonfarm jobs.
Unemployment dipped to 4.1% from 4.2% and sat near a 17-year low, but the decline stemmed in part from a 765,000 plunge in the number of people in the labor force.
The broader U6 jobless rate fell to 7.9%, the first time it’s been below 8% since 2006.
Wages fell a penny an average of $26.53 an hour, the government said Friday. The year-over-year increase in hourly pay slowed to 2.4% from from 2.8%, though wage figures for the past two months were distorted by the storms.
The average workweek was flat at 34.4 hours.
The initially reported loss of 33,000 jobs in September was revised to an 18,000 gain. The increase in jobs in August was raised to 208,000 from 169,000.
What happened: The government originally said employment fell in September for the first time in seven years amid major disruptions in the South caused by hurricanes Irma and Harvey. Employment rebounded sharply in October as expected as people went back to work, businesses reopened and hiring picked up.
Taking September and October together, the U.S. created an average of 139,000 jobs in the past two months. That reflects a slower rate of hiring compared to earlier in the year, but employment is probably still suffering some aftereffects from the hurricanes.
Wage gains were similarly inflated by the storms last month, but they moderated in October.
The big picture: Employment hit a pothole in September, but the surging U.S. labor market has already blown past what’s turned out to be a minor obstacle for the economy. Companies are still hiring at a steady clip, job openings are near
Unemployment dipped to 4.1% from 4.2% and sat near a 17-year low, but the decline stemmed in part from a 765,000 plunge in the number of people in the labor force.
The broader U6 jobless rate fell to 7.9%, the first time it’s been below 8% since 2006.
Wages fell a penny an average of $26.53 an hour, the government said Friday. The year-over-year increase in hourly pay slowed to 2.4% from from 2.8%, though wage figures for the past two months were distorted by the storms.
The average workweek was flat at 34.4 hours.
The initially reported loss of 33,000 jobs in September was revised to an 18,000 gain. The increase in jobs in August was raised to 208,000 from 169,000.
Taking September and October together, the U.S. created an average of 139,000 jobs in the past two months. That reflects a slower rate of hiring compared to earlier in the year, but employment is probably still suffering some aftereffects from the hurricanes.
Wage gains were similarly inflated by the storms last month, but they moderated in October.
The big picture: Employment hit a pothole in September, but the surging U.S. labor market has already blown past what’s turned out to be a minor obstacle for the economy. Companies are still hiring at a steady clip, job openings are near
