U.S. Job Growth Surged in October, Exceeding Economists’ Expectations

Fortune reports today that the U.S. economy added 271,000 new jobs in October, and the unemployment rate fell to 5%, according to data released Friday morning by the Bureau of Labor Statistics.

The number was well above economists expectations of 182,000 new jobs, and revisions to previous months’ estimates show that the economy is supporting an additional 12,000 new jobs than previously thought.

Other bright spots in the report include the fact that the number of involuntary part-time workers fell by more than 250,000, while average hourly earnings surged 9 cents per hour, much faster than economists were expecting. Over the past year, average hourly earnings have risen 2.5%, keeping ahead of inflation.

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