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Average Hourly Earnings Increase by More than 3% for the First Time in Nearly a Decade

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For the first time since April 2009, average hourly earnings rose by 3.1% year-on-year, according to the latest jobs report released by the U.S. Bureau of Labor Statistics.

In addition, the U.S. economy added 250,000 jobs in October, significantly exceeding expectations — economists had estimated 200,000 jobs would be added. The unemployment rate was unchanged at a near 50-year low of 3.7%.

The numbers give President Donald Trump and congressional Republicans a positive talking point as they head into the midterm elections, according to CNN. However, economists said there won’t likely be a significant impact on the economy and labor market if the House or Senate flip to Democratic control.

The health-care industry led the job gains with 46,000. Leisure and hospitality added 42,000; professional and business services added 35,000; and transportation and warehousing added 25,000.

 

 

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