Friday’s report from the government showed that hiring was brisk across industries last month, though the overall gain declined from 315,000 in September. The unemployment rate rose from a five-decade low of 3.5% to a still-healthy 3.7%.
The October jobs figures were the last major economic report before Election Day, with voters keenly focused on the state of the economy. Chronic inflation is hammering the budgets of many households and has shot to the top of voter concerns in the midterm congressional elections that will end Tuesday. Republican candidates have attacked Democrats over inflation in their drive to regain control of Congress.
The October jobs report showed that job gains were widespread last month. Health care added 71,000, with hospitals and doctors’ offices continuing to re-staff after having lost many workers at the height of the pandemic. Manufacturing added 32,000. A category that includes engineers, accountants and lawyers added 39,000.
At a news conference Wednesday, Fed Chair Jerome Powell noted that the strong job market is feeding inflationary pressures as businesses continue to raise pay. In September, average wages rose more than 6% from 12 months earlier, according to the Federal Reserve Bank of Atlanta. That was the fastest such pace in 40 years, though it still trailed inflation.