The economy added 161,000 jobs in October, according to figures released this morning from the Bureau of Labor Statistics. Over the past three months, the economy added 176,000 jobs per month, on average. The jobless rate fell a tenth of a percentage point to 4.9 percent.
Wages continue to rise: Americans in private-sector nonfarm jobs earned an average $25.92 an hour in October, up 10 cents from the prior month. Wages have climbed 2.8 percent over the past year, the strongest 12-month gain since mid-2009.
Revisions added a total of 44,000 jobs to earlier payroll estimates for August and September. The overall pace of job creation has slowed in 2016, averaging 181,000 a month through October versus 229,000 for all of 2015.