The U.S. Added 261,000 Jobs in October; Here’s the Upshot

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The U.S. Added 261,000 Jobs in October; Here’s the Upshot
President Trump hailed the strong jobs report on Friday afternoon, tweeting “JOBS, JOBS, JOBS!” Many economists, however, argue
that the president deserves little credit for the strong job market, which predates his time in office.
Yet the latest round of jobs data did nothing to resolve the question
that has bedeviled the economic recovery for years: When will job growth translate into strong wage gains for American workers?
The Labor Department on Friday revised its estimate of September payrolls from a decline
of 33,000 — the first net loss in jobs in seven years — to an 18,000-job gain.
The storms’ effects were clearest in the weather-dependent leisure
and hospitality sector, which lost 102,000 jobs in September, then gained them all back and more — 106,000 jobs — in October.
“It’s certainly trending the right way, but it’s surely still unexciting — even unacceptable
— wage growth at this point,” said Dan North, chief economist at Euler Hermes North America.


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