(CN) - The final federal jobs report before the 2016 presidential election says employers added a solid 161,000 jobs in October and wages climbed at their highest rate since 2009.
The jobless rate also dipped a bit, to 4.9 percent. In September it had stood at 5 percent.
The Labor Department's monthly employment report Friday depicts a stable economy with a consistent rate of hiring.
But the biggest news was the jump in pay. The average hourly compensation in October was $25.92. That's 10 cents above September's average, and 2.8 percent higher than a year ago the biggest 12-month rise in seven years.
Jason Furman, chairman of the Council of Economic Advisers, said in a statement that the rate of job growth in October was well above the pace needed to maintain a low and stable unemployment rate.
"U.S. businesses have now added 15.5 million jobs since early 2010," Furman said." Most importantly, average hourly earnings for private employees increased 2.8 percent over the last twelve months, the fastest twelve-month pace since the recovery began and much faster than the pace of inflation.
"In fact, real wages have grown faster over the current business cycle than in any since the early 1970s. Nevertheless, more work remains to continue to boost wage growth and to ensure that the benefits of the recovery are broadly shared, including increasing investment in infrastructure; implementing the high-standards Trans-Pacific Partnership; taking steps to spur competition to benefit consumers, workers, and entrepreneurs; and raising the minimum wage."
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