Iran's Revolutionary Guard said the British tanker, Stena Impero, failed to follow international maritime rules.World Newsread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
More than a quarter of the S&P 500 companies report earnings in the week ahead, and that could buffet the market as investors await the Fed's meeting at the end of the month.Market Insiderread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
Trump's constant berating of the Fed and its actions does not influence the central bank's decisions, Boston Fed's Eric Rosengren says.The Fedread more
Executives from United Airlines and American Airlines were "shocked" that state-owned airline Qatar Airways CEO Akbar Al Baker was also invited to the meeting, according to a...Airlinesread more
J.C. Penney on Friday afternoon issued a statement responding to a report that the embattled department store chain had hired advisers to explore debt restructuring options,...Retailread more
Earlier this week, a lawyer said Jeffrey Epstein, a former friend of Presidents Donald Trump and Bill Clinton, had "improper sexual contact" with at least one woman under the...Politicsread more
Walmart is making further organizational changes as it continues to integrate its store and digital operations and leadership, according to a memo obtained by CNBC that was...Retailread more
Job growth blew past expectations in October and year-over-year wage gains jumped past 3 percent for the first time since the Great Recession, the Labor Department reported Friday.
Nonfarm payrolls powered up by 250,000 for the month, well ahead of Refinitiv estimates of 190,000. The unemployment rate stayed at 3.7 percent, the lowest since December 1969.
"The job market is doing remarkably well, particularly this late in the expansion," said Jim Baird, partner and chief investment officer for Plante Moran Financial Advisors. "This report adds yet another data point to a narrative that has been positive for the labor market this year. Little seems to stand in the way of the economy finishing 2018 out on solid footing."
The ranks of the employed rose to a fresh record 156.6 million and the employment-to-population ratio increased to 60.6 percent, the highest level since December 2008, according to the department's household survey. That headline jobless number stayed level even amid a two-tenths of a percentage point rise in the labor force participation rate to 62.9 percent.
Those counted as outside the labor force tumbled by 487,000 to 95.9 million.
But the bigger story may be wage growth, which has been the missing piece of the economic recovery. Average hourly earnings increased by 5 cents an hour for the month and 83 cents year over year, representing a 3.1 percent gain. The annual increase in wages was the best since 2009.
That number is being watched closely by Federal Reserve, which has increased its benchmark interest rate three times this year and is on track for a fourth quarter-point hike in December. Higher wage growth feeds into the central bank's desire to raise rates to keep inflation under control.
Treasury yields jumped following the report and stock index futures remained higher.
The big month for job gains comes off a disappointing September that may have been weighed down by the violent storm season in the Carolinas. That month's reading fell further, from an initially reported 134,000 to 118,000. However, that decline was completely offset by an upward revision to August's numbers, from an already strong 270,000 to 286,000.
Over the past 12 months, job gains have averaged a solid 211,000 despite sentiment from the Fed and elsewhere that the economy is at or near full employment.
A broader measure of unemployment that takes into account discouraged workers and those holding jobs part time for economic reasons edged lower to 7.4 percent.
Health care showed some of the biggest gains for the month, adding 36,000. Manufacturing contributed 32,000, thanks to a gain in durable goods and in particular transportation equipment, which added 10,000.
Construction also rose sharply, with an increase of 30,000 while transportation and warehousing jumped by 42,000.
In addition, leisure and hospitality was a strong contributor, with 42,000 new positions after being unchanged in September, due likely to Hurricane Florence, the government report said.
Professional and business services increased by 35,000, bringing its 12-month total gain to 516,000, and mining added 5,000.
Job growth skewed by full-time positions, which rose by 318,000, while part-time jobs increased by 242,000, according to the household survey.
Another closely watched internal metric, the average work week, increased 0.1 hour to 34.5 hours.