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Over the year, the unemployment rate and the number of unemployed persons declined by 0.4 percentage point and 449,000, respectively. An influx of new job-seekers increased the proportion of Americans with jobs to its highest level since 2009.

The unemployment rate fell to 3.7 percent in September, the lowest level since 1969. And in one important way it doesn't matter whether Trump deserves credit: Presidents typically get credit or blame for the state of the economy under their watch, even if economic trends take years to develop. "These are incredible numbers".

A strong labour market is continuing to pull people off the jobs-market sidelines.

The president noted October's gain came "despite the hurricanes". The BLS estimated there was no discernible impact from Hurricane Michael in October, according to Capital Economics. Sometimes hurricanes lead to temporary layoffs and then a bounce in hiring in industries such as construction. That suggests, he said, that the wage increases are not just a product of a tightening job market, which would have boosted inflation, but are based on a solid footing of increasing productivity.

The jobs report comes after US stocks were hammered throughout the month of October, with the tech-heavy Nasdaq Composite falling roughly 9 percent over the month as weak earnings reports hurt industry leaders such as Amazon and Google's parent company, Alphabet.

In September wages were 3.1% higher than they were a year ago - the first time since April 2009 that wage growth has topped 3%.

Employers, scrambling to find qualified workers, are boosting wages. That has been happening for higher-skilled workers such as engineers and welders. "I had to bring home enough on top of child care".

Low-skill workers are now among the biggest beneficiaries of a strong labor market.

The rebound in job creation last month was widely expected.

And central bankers have made clear they expected to continue to gradually raise the benchmark lending rate for some time, including an expected three increases next year.

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"The economy peaked in the second quarter of this year and has been slowing for four to five months", said David Kotok, chair of Cumberland Advisors.

He pursued training to become a security guard and in 2015 landed a $12.60-an-hour job. A measure of wage and salaries rose 3.1 percent in the third quarter from a year earlier, the best such showing in a decade. Over the year, average hourly earnings have increased by 83 cents, or 3.1%. And weekly wages are increasing at a faster rate because Americans worked more hours last month.

Good news for the economy is once again bad news for financial markets.

The stimulus "is driving strong growth, but we have a almost trillion dollar deficit and at some point we have to pay for that", said Stevenson, who is now an associate professor at the University of MI.

Some economists said Fed officials were likely to view the low unemployment and rising wages as modestly inflationary.

Inflation has also increased in the past year, eroding some of the value of that increase. While productivity has perked up some in the past six months, gains in output per worker have been weak during most of the current expansion. About 711,000 people joined the labor force in October, and about 600,000 more people reported being employed. That could reflect that firms this decade have often opted to add more workers rather than invest in productivity-improving technology.

Growth on manufacturing payrolls was particularly impressive, with employers in that sector adding 32,000 net jobs in October, up from a gain of 18,000 the previous month. The hospitality sector gained 42,000 jobs, the strongest bounce since last October's recovery from Hurricanes Harvey and Irma.

Trump and Republican candidates painted the jobs report as further proof of an economic boom, but many independent economists warn that growth has probably peaked and that it is likely there will be a slowdown, especially if trade tensions continue to escalate.

But finding those workers could be a challenge, said S.B. Cha, chief executive of the Hayward, Calif., firm. "Evidently, the word has spread that there are good jobs to be had at decent wages".

"In Silicon Valley, you have to pay whatever Apple and Google want to pay", he said.