>> It's the final jobs report before the presidential election and there's good news for workers. Americans are seeing the biggest raise in their pay checks in seven years. I'm Conway Gertuns in New York. The US Labor Department announcing on Friday that average hourly earnings jumped ten cents in the month of October.
Doesn't sound like a lot, but it is, the 12 month gain in terms of wages is now the biggest since June of 2009. Workers have been waiting for a long time for a significant boost to their pay checks. And according to the data they are finally seeing that.
Now in terms of hiring, employers added 161,000 new jobs in the month of October, that was slightly below expectations. All of the hiring came from the services sector, primarily healthcare, education, and financial activities. Even the government was on the hunt for new workers. Hiring in the month of October swinging to a gain in 2016 compared to a loss in 2015.
The unemployment rate dropping to 4.9%. Experts say the report certainly keeps a Federal Reserve rate hike in December on the table. But first, we have to get through the elections. And experts say the jitters that we're seeing in the stock market that have caused the stock market to have its longest losing streak since the financial crisis.
This jobs report not strong enough to stop those jitters.