U.S. adds 161,000 jobs in October
In October, 161,000 jobs were created nationwide, modestly below projections for 175,000 positions, according to a recently released Bureau of Labor Statistics report. Although the figures missed expectations, revisions to August and September added 44,000 jobs to bring those months up to 176,000 and 191,000 new positions, respectively.
After six straight years of job growth and more than 15 million jobs added since the bottom of the job market, wages seem to have finally started to feel the effects of tightening in the labor market. Wages rose 2.8 percent compared to a year earlier in October, the strongest gain since July 2008. In October, the unemployment rate slipped to 4.9 percent, down from 5.0 percent in September but the same as the rate in June, July and August.
Higher wages are anticipated to continue into 2017 as the overtime exempt threshold doubles on Dec. 1 to nearly $48,000. Approximately 4 million workers will become eligible for overtime pay w