Below are five things to know about the latest jobs report.
1. Hourly wage growth is an important indicator of a strengthening economy. Average hourly earnings rose 2.8 percent year over year, the fastest growth rate since July 2008.
2. The official unemployment rate dropped to 4.9 percent in October from 5 percent the previous month.
3. The report showed the greatest job expansion occurred in professional and business services, followed by the healthcare and finance sectors.
4. During the past three months, job gains have averaged 176,000 per month.
5. Healthcare employment rose by 31,000 in October. Within the industry, employment growth occurred in ambulatory healthcare services (+19,000) and hospitals (+13,000). Over the past 12 months, healthcare has added 415,000 jobs.
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