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US businesses ramped up hiring in October, and wages rose by the largest year-over-year amount in almost a decade, a combination that is pulling a rising share of Americans into the job market.

The BLS said in its release that Hurricane Michael, which made landfall during the report's reference week, "had no discernible effect on the national employment and unemployment estimates for October". Wages grew by 3.1% in October, the best since April 2009.

In late August, she took a job at a hospital in Springfield that pays $11.22 an hour. The average workweek increased to 34.5 hours from 34.4 hours in September.

Still, the rosy number benefited from a favourable comparison to October 2017, when many low-wage employees returned to work after being sideline by Hurricane Maria, bringing the average of hourly earnings back down, Shepherdson said. The personal consumption expenditures price index excluding the volatile food and energy components has increased 2.0 percent for five straight months. That was expected, partly because wage growth was weak last October. The Fed raised borrowing costs in September for the third time this year.

Although business profits are at an all-time high, the share of that income going to workers hangs near the lowest levels since the government began tracking it in the 1940s.

Kinestral Technologies Inc., which engineers and manufactures smart-tinting windows for homes and commercial buildings, has added about six people to its US staff of just more than 100.

With relatively few unemployed Americans looking for work, employers are increasingly being forced to bid up wages to poach workers from other employers or retain the ones they have. There are a record 7.14 million open jobs.

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The report also showed that the pace of wage growth picked up last month. Workers at United States Steel Corp are set to receive a hefty pay rise also.

Markets jumped immediately after the release of the report Friday but ended the day in the red, with the Dow Jones industrial average down nearly 110 points mainly on concerns that the U.S.

"The fact is that there's 1.3 million people who were so discouraged that they weren't in the labor force that are back in and majority have a job now". The employment-to-population ratio rose two-tenths of percentage point to 60.6 per cent, the highest since January 2009.

The October data, while strong across the board, may be less of an indicator of the trend than usual because payrolls and wages both reflected temporary boosts from hurricanes this year and last year. Retail payrolls rose by only 2,400 amid declines in employment at gasoline stations and sporting goods and music stores.

If individual workers don't produce more, it is hard for employers to justify pay increases that exceed price increases. GOP candidates in heavily Republican states and House districts have followed Trump's lead, largely abandoning tax cuts and economic growth as election issues. Government payrolls increased by 4,000.

Most of the net new jobs in October came from health care, construction, and manufacturing, which has added 296,000 jobs over the past year. Job gains in the sector, which accounts for about 12 per cent of the US economy, could slow after a survey on Thursday showed a measure of factory employment fell in October.

Further gains are anticipated in manufacturing jobs after the sector added 18,000 positions in September, but a measure of factory employment fell last month suggesting some slowdown in the pace of hiring. -China trade war and impending November midterm elections that are just days away.


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