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A BOOST FOR THE GOP: Great October Jobs Report

By  Hank

The October jobs report has been released by the Bureau of Labor Statistics (BLS), and it’s a smash hit. All sorts of numbers testify to the effectiveness of President Trump’s effect on the economy, and here they are:

The economy, which is growing by leaps and bounds, generated 250,000 new non-farm jobs in October. That exceeded the forecast for October from MarketWatch, which had estimated that 208,000 new nonfarm jobs would be created. The October jobs gain followed an average monthly gain of 211,000 over the prior 12 months.

Health care added 36,000 jobs in October; in the last year, health care employment increased by 323,000. Manufacturing gained 32,000 jobs; over the last year that sector gained 296,000 jobs. Construction employment rose by 30,000 in October; in the last year, it has gained 330,000 jobs. Transportation and warehousing gained 25,000 jobs in October; in the last year, they have added 184,000 jobs. Leisure and hospitality gained 42,000 jobs in October. Professional and business services added 35,000 jobs; in the last year, they have added 516,000 jobs.

The increase in worker pay reached the highest level in over nine years. According to BLS, “Average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $27.30. Over the year, average hourly earnings have increased by 83 cents, or 3.1 percent.”

The unemployment rate stayed at 3.7%, matching the lowest rate since 1969. No single major industry in the nation lost jobs, as the increase in hiring is surging.

The labor force participation rate increased by 0.2% to 62.9% in October.

The Wall Street Journal noted:

Among people ages 25 to 54, when decisions about school or retirement are less likely to influence whether people are in the work force, 82.3% are participating in the labor force and 79.7% have jobs. Both figures are now at their highest levels since the recession and its immediate aftermath.

Fox Business noted, “Businesses are advertising for a record number of job openings and several companies, including Amazon and Walmart, have hiked their minimum wages in a bid to lure and retain employees …”

Business Insider pointed out that the report should help the GOP on Tuesday: “Overall the jobs report reflected the tightest labor market in several years, one putting pressure on employers to raise worker pay. It bolsters the Trump administration’s talking point on the economy just days before Tuesday’s midterm elections amid a record streak of monthly hiring gains in the U.S.”

BLS reported that Hurricane Michael, which made landfall in the Florida Panhandle on October 10, 2018, “had no discernible effect on the national employment and unemployment estimates for October.”

Thomas Simons, senior money market economist at Jefferies LLC, stated, “As has been the case for a while now, there really aren’t any holes to poke in these numbers.”

MarketWatch concluded, “The strongest labor market in decades is powering a U.S. economy that’s likely to set a record for the longest expansion ever by next year … For now there’s little about the economy about which to complain.”

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