The economy added 271,000 jobs in October while the unemployment rate fell slightly to 5 percent, according to the latest data from the Bureau of Labor Statistics. Analysts had expected 180,000 jobs to be added. That’s the highest number of jobs added in a month since December of last year and the lowest unemployment rate in seven years.
October’s job growth was strongest in professional and business services (78,000), health care (45,000), retail (44,000), food and drinking services (42,000), and construction (31,000).
The report also included revisions to past months, with an extra 12,000 more jobs than previously reported. August increased from 136,000 to 142,000, while September was revised down from 142,000 to 137,000. Job growth has averaged 187,000 a month over the last three months.
October’s report also included an increase in wage growth, although that may be more reflective of a rebound from the decrease in September’s report, which was also revised to a net increase of 1 cent. Average hourly earnings were up by 9 cents in October, or an increase of 0.4 percent and have risen 2.5 percent over the last year. Compensation costs haven’t shown any growth acceleration over 2014.