US economy adds 250,000 jobs in October

The US economy added 250,000 jobs in October, and the unemployment rate held at 3.7% - remaining at a 49-year-low. Christine Romans reports.

Posted: Nov 2, 2018 8:47 PM
Updated: Nov 2, 2018 9:00 PM

Stocks fell on another volatile day Friday as hopes for a US-China trade deal and a solid jobs report initially pushed the Dow higher but weren't enough to offset concerns about a lackluster holiday outlook from Apple.

The Dow dropped 110 points, or 0.4%. It had been down as much as 300 points earlier in the day. The S&P 500 finished Friday with a 0.6% loss as well.

But the Dow, S&P 500 and Nasdaq still all ended the week with gains of more than 2%.

Stocks rallied overseas after Bloomberg reported that President Donald Trump was asking cabinet members to begin drafting a possible trade deal with China. The Dow was up nearly 200 points Friday morning on that report too.

But Trump's National Economic Council director Larry Kudlow debunked that story on CNBC Friday, saying that "there's no massive movement" to do a deal with China.

Despite the conflicting reports about US trade talks with China, there was some good news from Washington — the strong October jobs report.

The US economy added 250,000 jobs last month and the unemployment rate held steady at 3.7%, the lowest level in nearly half a century. American workers had more good news too. Wages rose 3.1% from a year ago.

The uptick in wage growth may eventually spark more fears that the Federal Reserve will raise rates more aggressively in order to fight inflation. But investors seemed to be shrugging off those concerns Friday. Bond yields rose only slightly after the jobs report.

Tony Bedikian, managing director and head of global markets for Citizens Bank, said the jobs numbers were a "home run" and that he thinks investors are now looking at higher wages as a plus instead of fearing what they might mean for Fed rate hikes.

"The market is anticipating steady wage gains. They are healthy. Workers are able to spend more because they have more in their pocket," Bedikian said. "It's hard to find red flags in the jobs numbers."

In corporate news, the tech-heavy Nasdaq ended the day down 1%. That was largely due to the fact that Apple (AAPL) — which is also one of the Dow's biggest components — fell nearly 7% following its latest earnings report. Apple issued a somewhat tepid outlook for the next few months.

Chinese e-commerce giant Alibaba (BABA) dipped more than 2% despite beating earnings forecasts. But the company lowered its outlook for 2019, citing the uncertain state of the global economy.

WW (WTW), formerly known as Weight Watchers, plunged 30% after reporting it's losing subscribers. GoPro (GRPO) plummeted 24% on a poor holiday season forecast. And GE (GE) continued its slide, falling 3%.

Still, other blue chip companies reported strong results. Oil giants Exxon Mobil (XOM) and Chevron (CVX) both rose after posting solid gains in profit that topped Wall Street's forecasts.

And coffee king Starbucks (SBUX) soared 10% after it reported strong sales and earnings after the market closed Thursday.

But not all consumer companies were doing well. Macaroni and cheese and ketchup giant Kraft Heinz (KHC), which is a big stock holding of Warren Buffett's Berkshire Hathaway (BRKB), plunged 10% as its earnings were lower than expected.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 71015

Reported Deaths: 3013
CountyConfirmedDeaths
Marion15322723
Lake7343274
Elkhart471380
Allen3725160
St. Joseph330179
Hamilton2610104
Vanderburgh184213
Hendricks1814106
Cass17669
Johnson1694118
Porter123839
Clark114846
Tippecanoe114611
Madison89565
LaPorte86930
Howard85565
Kosciusko82712
Marshall75822
Bartholomew75447
Floyd74045
Monroe70830
Delaware68052
Dubois65812
Boone65346
Noble64529
Hancock63838
Jackson5625
LaGrange55410
Warrick55330
Vigo54310
Shelby53527
Grant52029
Dearborn47928
Morgan45134
Clinton4043
Henry36919
White35110
Montgomery34621
Wayne34610
Lawrence33727
Decatur32432
Harrison30923
Putnam2778
Miami2642
Daviess25920
Scott25710
Greene24134
Franklin23413
DeKalb2234
Jasper2192
Jennings21512
Gibson2084
Steuben2043
Ripley1947
Perry17912
Fayette1777
Starke1747
Orange16624
Posey1650
Wabash1613
Fulton1592
Carroll1572
Wells1542
Jefferson1532
Whitley1476
Knox1420
Tipton1296
Huntington1213
Washington1211
Spencer1193
Newton11410
Randolph1144
Clay1045
Sullivan911
Adams892
Jay840
Owen831
Pulaski751
Brown711
Rush714
Fountain642
Benton600
Blackford592
Ohio574
Pike520
Parke501
Vermillion480
Crawford440
Switzerland440
Martin420
Union350
Warren201
Unassigned0202

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 97471

Reported Deaths: 3618
CountyConfirmedDeaths
Franklin17834521
Cuyahoga13141491
Hamilton9374252
Lucas5155320
Montgomery417487
Summit3433218
Marion291045
Butler282262
Mahoning2477254
Pickaway237842
Stark1766137
Warren171136
Lorain168977
Columbiana161860
Trumbull1481105
Fairfield130931
Delaware126319
Licking120247
Clark111514
Lake107338
Wood99358
Clermont89211
Medina88735
Miami81137
Tuscarawas76214
Portage74361
Allen69942
Greene65611
Belmont59226
Richland58911
Mercer57313
Erie55627
Ashtabula55045
Geauga54844
Wayne51958
Ross4444
Huron3885
Ottawa36825
Sandusky36316
Darke36027
Athens3531
Hancock3533
Madison34910
Holmes3266
Lawrence2420
Auglaize2395
Union2331
Jefferson2192
Muskingum2151
Scioto2111
Putnam19917
Washington19822
Knox1917
Seneca1903
Coshocton1886
Shelby1774
Preble1762
Crawford1715
Morrow1652
Hardin15912
Clinton1586
Champaign1571
Highland1461
Fulton1441
Logan1402
Ashland1373
Wyandot1368
Defiance1334
Williams1303
Brown1232
Perry1163
Guernsey1147
Hocking1149
Henry1132
Carroll1105
Fayette1090
Monroe9118
Pike750
Jackson730
Van Wert701
Paulding640
Gallia621
Adams592
Meigs330
Vinton302
Morgan230
Harrison221
Noble170
Unassigned00
Fort Wayne
Clear
59° wxIcon
Hi: 83° Lo: 62°
Feels Like: 59°
Angola
54° wxIcon
Hi: 82° Lo: 63°
Feels Like: 54°
Huntington
Scattered Clouds
55° wxIcon
Hi: 82° Lo: 62°
Feels Like: 55°
Decatur
55° wxIcon
Hi: 82° Lo: 61°
Feels Like: 55°
Van Wert
55° wxIcon
Hi: 81° Lo: 61°
Feels Like: 55°
Sunny, Seasonable Saturday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events