Tim Pearce on November 2, 2018

The U.S. economy added 250,000 jobs through the month of October and the unemployment rate held steady at 3.7 percent — a symbol of the historically tight labor market — according to Department of Labor (DOL) data released Friday.

Wage growth topped 3 percent growth over the past year for the first time in nearly a decade, hitting 3.1 percent, according to the DOL. The 3 percent benchmark has not been hit in year-over-year wage growth since April 2009. The increase in wages is an effect of the historically tight labor market as employers offer better pay to attract workers, The Wall Street Journal reports.

The Bureau of Labor Statistics jobs report data exceeded experts prediction of 188,000 jobs added. Experts also predicted the unemployment rate would hold steady at 3.7 percent, according to WSJ.

Jobs data from September was revised downward from 134,000 to 118,000. The unemployment rate hit a near-five decade low in September when it fell to 3.7 percent. It fell 0.2 percent from a month before and hit the lowest rate since 1969.

The four-week average of new jobless claims — a proxy for the number of workers laid off each week — hit 213,750 Thursday. New jobless claims reflect the strongest economy the U.S. has seen since at least the 1990s. The number of people collecting unemployment benefits hit 1.63 million, the lowest level since 1973, MarketWatch reports.

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