The latest jobs numbers are out from the federal government. What do they mean for job seekers and employers? Here’s a quick take from Glassdoor’s Chief Economist Dr. Andrew Chamberlain:
Today’s jobs report revealed a surging U.S. labor market in October, with 271,000 new jobs created and the unemployment rate falling to 5.0 percent—the lowest since April 2008.
Beating expectations, this is a welcome break from the general slowing trend we’ve seen over the past 12 months. It shows the U.S. economy remains resilient in the face of slowing growth in Europe and China, a strong U.S. dollar and hard times for the oil and gas industry.
Slow wage growth has been a concern throughout the current recovery. Today, workers saw average hourly wages grow by 2.5 percent from one year ago—the fastest pace since July 2009.
The biggest job gains today were in the professional and business services sector, which captures today’s fast-growing tech companies (78,000 new jobs). Other big job gains were in healthcare (56,700 jobs), retail (43,800 jobs) and leisure and hospitality (41,000 jobs). The biggest job losses were in mining (-4,000 jobs), durable goods manufacturing (-3,000 jobs) and transportation (-2,100 jobs).
Today’s positive jobs report makes a much-anticipated December interest rate hike by the Federal Reserve more likely—a move economists will be watching closely next month.
To speak with Dr. Andrew Chamberlain about today’s jobs report or to discuss labor market trends, contact pr at Glassdoor dot com. For the latest economics and labor market updates, follow @adchamberlain on Twitter.