Job Growth Storms Back

The Labor Department reported on Friday that job growth rebounded in October. Non-farm Payrolls rose by 261,000 new jobs versus the 300,000 expected while August and September were revised higher by a total of 90,000. The weak showing in September was due in part to Hurricanes Harvey and Irma temporarily stunting job creation. Within the Jobs Report, it showed that the Unemployment Rate fell to 4.1 percent, the lowest since 2006. Total unemployed, or the U6 number, fell to 7.9 percent, also the lowest since 2006. Average hourly earnings were flat after September saw a 0.5 percent increase.

Overall, the report was positive for the labor markets heading into the holiday shopping season. More people working equals more consumer spending, which boosts the economy.

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