The economy added 161,000 jobs in October, while the unemployment rate fell slightly to 4.9 percent from September’s 5 percent rate, according to the latest data from the Bureau of Labor Statistics. Analysts had expected 175,000 jobs to be added. The report marked the 73rd consecutive month of job growth, a record-long streak.
October’s job growth was driven by jobs added in health care (31,000), professional and business services (43,000), and finance (14,000). Revisions to past reports also added 44,000 more jobs than previously reported for August and September, to come to an average gain of 176,000 jobs added per month for the last three months.
The report showed stronger wage growth than has been seen in some time: wages rose 0.4 percent in October, coming to 2.8 percent growth over the last year. That’s the fastest wage growth reported since July of 2009.
The labor participation rate, however, fell slightly, as 195,000 people left last month. On the other hand, the number of people who lost a job or completed a temporary one was down by 218,000 people.