On the up and up: The final major economic report before Tuesday’s congressional elections showed that U.S. employers added 250,000 jobs in October and raised average pay by the most in nearly a decade. At the same time, the unemployment rate remained at a five-decade low of 3.7%. Today’s employment report from the government pointed to a consistently robust job market that shows no sign of flagging even with the economy in its 10th year of expansion. Many employers have been struggling to find qualified applicants, which helps explain why average pay rose 3.1% over the past 12 months—the fastest year-over-year increase since 2009. Read the full story.
Mind the gap: Record imports expanded the U.S. trade deficit for the fourth straight month in September, as the politically sensitive trade deficit in goods with China hit a record. The Commerce Department announced this morning that the gap between what America sells and what it buys abroad climbed to $54 billion, up 1.3% from $53.3 billion the month prior and the highest level since February. Imports climbed 1.5% to a record $266.6 billion, led by an influx of telecommunications equipment and clothing. Exports also rose 1.5% to $212.6 billion, led by increases in shipments of civilian aircraft and petroleum products. Read the full story.
Higher and higher: Ramped up purchases in the services sector and spending by local governments at the end of their fiscal year pushed services-sector activity to the highest level on record, The Wall Street Journal reports. The Institute for Supply Management on Wednesday said its nonmanufacturing index rose to 61.6 in September, the highest reading on record going back to 2008. A reading above 50 indicates activity is expanding across service and other industries, while a number below 50 signals contraction. Production, new orders and employment all picked up rapidly, with businesses feeling the current euphoria of robust economic and jobs growth, strong consumer confidence and concomitant spending. Read the full story.
