Good news on jobs and wages, but concern remains for manufacturing

The latest jobs report is upbeat. 

U.S. employers added a decent 161,000 jobs in October and raised pay sharply for many workers. It was the final major report on a lukewarm but durable economy before Americans choose a new president next week.

The Labor Department’s monthly employment report Friday sketched a picture of a resilient job market. 

This is also welcome news:

And average hourly pay took a big step up, rising 10 cents an hour to an average of $25.92. That is 2.8 percent higher than a year ago and is the sharpest 12-month rise in seven years.

But as Aric Newhouse of the National Association of Manufacturers points out, the economy is not yet out of the woods.

The latest jobs numbers from BLS are in and while the broader jobs numbers increase, jobs in the manufacturing sector fell for the third straight month, declining by 9,000—losing 62,000 workers year-to-date. Not only does this suggest that manufacturers continue to exercise caution in their business practices, but it points to the fact that continued challenges, including the failure to move on critical pro-manufacturing policies in Washington, is having a severe impact on the nation’s most innovative sector.

Progress made, but the work of expanding opportunity must continue and accelerate.