The U.S. economy gained 250,000 jobs in October, and unemployment was unchanged at 3.7%, according to figures released this morning by the U.S. Bureau of Labor Statistics. Growth under Donald Trump's policies has slowed down compared to Barack Obama's last years in office. Continued slow wage growth means the Federal Reserve's Open Market Committee should pause current plans to raise interest rates.
In response to the October job numbers, AFL-CIO Chief Economist William Spriggs tweeted:
From last October, wages rose 3.1 percent. That is a slight improvement, but still sufficiently modest for the @federalreserve to modify its rate hike strategy and pause. @AFLCIO
— William E. Spriggs (@WSpriggs) November 2, 2018
Labor force participation increased in October by 0.2 points. The increase for Blacks explains the increase the unemployment rate from 6.0 to 6.2% that took place despite the share employed also increasing @aflcio @rolandsmartin
— William E. Spriggs (@WSpriggs) November 2, 2018
Labor force participation increased in October by 0.2 points. The increase for Blacks explains the increase the unemployment rate from 6.0 to 6.2% that took place despite the share employed also increasing @aflcio @rolandsmartin
— William E. Spriggs (@WSpriggs) November 2, 2018
The convergence in Black and white labor force participation rates continues. This month they were virtually equal, 62.8% for whites and 62.6% for Blacks @AFLCIO @rolandsmartin @CBTU72 @dchometownboy @JointCenter pic.twitter.com/6OUpRsWIvZ
— William E. Spriggs (@WSpriggs) November 2, 2018
While the top-line U-3 unemployment rate was flat at 3.7%, the broadest measure of labor slack, U-6 including involuntarily part-time and the marginally attached to the labor force inched down from 7.5 to 7.4% getting closer to 1999 lows @AFLCIO pic.twitter.com/hsxpWOo84G
— William E. Spriggs (@WSpriggs) November 2, 2018
Let's be clear on Republican congressional ads bragging about the economy. Trump took office with the unemployment rate already below 5% and falling. The current trend in falling unemployment rates since October 2009--9 years ago--is not accelerating @AFLCIO thanks @POTUS44 pic.twitter.com/BmRJKmoBGo
— William E. Spriggs (@WSpriggs) November 2, 2018
As a nation, we are not going to get ahead if we continue to follow Republican governors in austerity--cutting workers in local education hurts us all. Maryland voters need to remember Governor Hogan's sequestering education funds. @AFTunion @AFLCIO pic.twitter.com/JoYgerwlVG
— William E. Spriggs (@WSpriggs) November 2, 2018
Last month's biggest job gains were in leisure and hospitality (42,000), health care (36,000), professional and business services (35,000), manufacturing (32,000), construction (30,000), transportation and warehousing (25,000), and mining (5,000). Employment in other major industries—including wholesale trade, retail trade, information, financial activities and government—showed little change over the month.
Among the major worker groups, the unemployment rate for teenagers (11.9%) declined. The jobless rates for blacks (6.2%), Hispanics (4.4%), adult men (3.5%), adult women (3.4%), whites (3.3%) and Asians (3.2%) showed little or no change in October.
The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged in October and accounted for 22.5% of the unemployed.