The U.S. economy added 261,000 jobs in October, according to the monthly employment report released today by the U.S. Department of Labor's Bureau of Labor Statistics (BLS). This seasonally adjusted figure is 137,000 jobs greater than a year prior, when 124,000 jobs were added. This October's reading is also 243,000 positions greater than September's upwardly revised report of 18,000 jobs added. These numbers "mostly [offset] a decline in September that largely reflected the impact of Hurricanes Irma and Harvey," according to a BLS release.

Unemployment continued to fall in October, reaching 4.1 percent, its lowest level since December 2000.

Average hourly earnings for employees on private nonfarm payrolls changed very little in October, falling 1 cent to $26.53. Over the past 12 months, average hourly earnings for private nonfarm payrolls have increased by 63 cents, or 2.4 percent. Average hourly earnings for all private nonfarm payrolls of production and nonsupervisory employees were also little changed falling 1 cent to $22.22. While these minimal changes are likely due to the fallout following Hurricanes Harvey and Irma, some economists worry that inflation might be playing a part.

Employment in the construction industry grew by 11,000 positions in October to a total of 6,930,000 after September's upwardly revised reading of 11,000 additional jobs. Employment of nonresidential buildings decreased by 3,300 to 764,300 positions, while residential building construction jobs increased by 7,200 to 766,600 positions. Employment in heavy and civil engineering construction also decreased by 3,000 positions in October, to 970,000.

Employment in the manufacturing industry grew by 24,000 jobs in October, reaching 12,481,000 jobs. According to BLS' press release, "manufacturing has added 156,000 jobs since a recent employment low in November 2016."

Meanwhile, payrolls in the architectural and engineering services added a healthy 3,800 jobs in October, to 1,469,800 positions, marking the 18th consecutive month of growth.

Read the full release here.