The Department of Labor reported that employment hit a record high of 156,562,000 in October. There were 250,000 new jobs added, or 4.5 million new jobs since November 2016, with gains recorded across all industries.

For the second straight month, the unemployment rate is 3.7%, the lowest rate since 1969. Six times this year, the unemployment rate has been under 4%, and the unemployment rate for Hispanic Americans was the lowest ever recorded, according to the Department of Labor.

“The housing sector registered job gains this month, but the stronger growth in average hourly earnings relative to the private sector overall suggests that labor availability remains a challenge,” said Doug Duncan, chief economist at Fannie Mae. “Information from the household survey indicates that the unemployment rate remains low and steady at a level last seen in 1969.” Gross Domestic Product in the third quarter was 3.5% and consumer confidence was the highest in more than 18 years.

All of which is good news for workers, who are beneficiaries, and are taking home more money.

"Over the past year, we have had the largest increase in average hourly earnings since 2009,” said Alexander Acosta, secretary of labor at the DOL. “It’s encouraging to see that Americans are seeing more in their paychecks as job creators compete for the best talent in the workforce.’

And don’t fear inflation.

“Meanwhile, average hourly earnings accelerated over the year,” said Fannie’s Duncan. “The increase in earnings is a welcome sign for workers and is unlikely to stoke faster inflation given the steady improvement in productivity. The updated information released today suggests that the labor market remains strong and inflation remains manageable, supporting our call that the Fed will raise its key policy rate in December.”