Labor markets surged in October, as job growth partially offset disruptions caused the previous month by Hurricane Floyd. U.S. payrolls rose 310,000 in October, after a September increase of only 41,000. For the year to date, payroll growth has averaged 211,000 jobs per month. October also saw labor markets tighten further, as the unemployment rate fell to a 30-year low of 4.1%. The unemployment rate has not exceeded 4.3% since March. Although the labor market was tight in October, wage growth was moderate; average hourly earnings rose just 1 cent to $13.37. Since last October, average hourly earnings have risen 3.6%.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-11, pp. 11-12, 11.01.1999.