Nonfarm payrolls increase by 250,000 in October

The U.S. economy added 250,000 jobs in October, according to the Bureau of Labor Statistics, and the unemployment rate was unchanged at 3.7 percent. The increase was higher than the average monthly gain of 211,000 new jobs during the past 12 months. In addition, the September jobs total was revised down to 118,000, and the August jobs total was revised up to 286,000.

Strong job categories included healthcare (up 36,000 jobs), manufacturing (up 32,000 jobs), construction (up 30,000 jobs), and transportation and warehousing (up 25,000 jobs). In addition, leisure and hospitality added 42,000 jobs, and professional and business services added 35,000 jobs.

Wages are up over the past 12 months by 3.1 percent, according to BLS, reflecting an increase in average hourly earnings of $0.83. In October, average hourly earnings increased $0.05 to $27.30.

The strong jobs report follows an advance estimate of third quarter U.S. GDP growth of 3.5 percent, reflecting a strengthening economy.