American economy added 250,000 jobs in October

The US economy added 250,000 jobs in October, and the unemployment rate remained at 3.7%, the government announced Friday.

Salaries increased by 3.1%, strong growth after years of stagnation, according to the Department of Labor.

The increases occurred mainly in the health, manufacturing, construction, transportation and storage sectors.

“The job market is doing remarkably well, especially this late in the expansion,” explains Jim Baird, partner and chief investment officer for Plante Moran Financial Advisors. “these numbers add yet another data point to a narrative that has been positive for the labor market this year.”

The dollar index spiked in the wake of the data, rising to 96.322

In September, the unemployment rate had fallen to its lowest in 49 years.

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