The US Labor Market gained 250,000 Jobs in October 2018 indicating its persistent strength. The rate of unemployment decreased to 3.7%. Both hiring and salaries are increasing in the US. The total numbers of employees and US job seekers have also increased. The statistics have been announced by the US Labor Department.
Chief US Economist at NatWest Markets Michelle Girard said that at the moment it is the strongest part of the broader economy. Other nations might be agitated owing to weakening growth, tariffs, and volatile stock market. However, the US remains unperturbed by any of these phenomena.
The US labor market is quite an upswing adding 250, 000 extra jobs in the month of October. It thus extended its record growth streak to 97 months.
The economy has traditionally not played a major role in US midterm elections. The current political season is dominated by healthcare and border control. These along with the nomination of Brett Kavanaugh to Supreme Court have dominated political ad space and airtime.
However, 3/4ths of the registered US voters said that the economy is very crucial for determining their votes. This is as per the survey held by the Pew Research Center. That number is even high amongst the Republicans at 85%, as quoted by the NY Times.
The issues of Economy and jobs were also quoted more frequently than others as most important. This was in the survey held for the New York Times by Survey Monkey, the online research platform.
The series of latest reports indicate that both the US economy and labor market are in good form. The Government estimated last week that the economy grew at a strong rate of 3.5% in Q3-2018.
The confidence amongst business leaders and consumers in the US also remains high. In the last 12 months, US employers have added minimum 210,000 jobs on a monthly basis.
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The US Labor Market gained 250,000 Jobs in October 2018
Posted on November 8, 2018