'Keep it going, Vote Republican': Trump touts jobs numbers ahead of midterms

President Donald Trump is riding high on the last jobs report before a key midterm election on November 6.

The Bureau of Labor Statistics on Friday reported that the U.S. economy added an estimate-beating 250,000 jobs in October as the unemployment rate held steady at 3.7%. Wages grew 3.1% year-over-year, the fastest pace of annual gains since April 2009.

“Wow! The U.S. added 250,000 Jobs in October – and this was despite the hurricanes. Unemployment at 3.7%. Wages UP! These are incredible numbers. Keep it going, Vote Republican!” Trump tweeted shortly after the BLS released its numbers.

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Trump rallies in Illinois after Pa. synagogue shooting
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Trump rallies in Illinois after Pa. synagogue shooting
President Donald Trump speaks during a rally at Southern Illinois Airport Saturday, Oct. 27, 2018, in Murphysboro, Ill. (AP Photo/Jeff Roberson)
President Donald Trump gestures to the audience as he departs a rally at Southern Illinois Airport in Murphysboro, Ill., Saturday, Oct. 27, 2018. (AP Photo/Andrew Harnik)
Supporters hold up signs as President Donald Trump speaks during a rally at Southern Illinois Airport Saturday, Oct. 27, 2018, in Murphysboro, Ill. (AP Photo/Jeff Roberson)
President Donald Trump waves as he leaves the stage after speaking to supporters during a rally at Southern Illinois Airport Saturday, Oct. 27, 2018, in Murphysboro, Ill. (AP Photo/Jeff Roberson)
President Donald Trump speaks during a rally at Southern Illinois Airport Saturday, Oct. 27, 2018, in Murphysboro, Ill. (AP Photo/Jeff Roberson)
President Donald Trump pauses while speaking at a rally at Southern Illinois Airport in Murphysboro, Ill., Saturday, Oct. 27, 2018. (AP Photo/Andrew Harnik)
A member of the audience wears a shirt that reads "Proud to Be A Trump Deplorable" as President Donald Trump speaks at a rally at Southern Illinois Airport in Murphysboro, Ill., Saturday, Oct. 27, 2018. (AP Photo/Andrew Harnik)
President Donald Trump speaks at a rally at Southern Illinois Airport in Murphysboro, Ill., Saturday, Oct. 27, 2018. (AP Photo/Andrew Harnik)
Children in the audience listen as President Donald Trump speaks at a rally at Southern Illinois Airport in Murphysboro, Ill., Saturday, Oct. 27, 2018. (AP Photo/Andrew Harnik)
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The BLS said that Hurricane Michael, which struck the Florida panhandle in early October, had “no discernible effect” on the October numbers.

The numbers are helpful for Trump’s last-minute push to maintain Republican control of Congress. With a number of Senate races — such as in Arizona and Texas — getting tighter, Trump hopes to use the message of a strong economy to rally Americans to vote for their GOP candidates.

Trump is scheduled to head to West Virginia on Friday, where he will stump for Republican Attorney General Patrick Morrisey in his race against incumbent Democrat Joe Manchin.

Director of the White House National Trade Council Peter Navarro told Yahoo Finance that the report is a “validation of President Trump’s really broad-based strategy on the economy,” adding that the numbers are a result of the administration’s efforts on deregulation, energy policy and tax cuts.

RELATED: Trumps welcome trick-or-treaters to White House

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US President Donald Trump and First Lady Melania Trump arrive to give out candy to children at a Halloween celebration at the White House in Washington, DC, on October 28, 2018. (Photo by NICHOLAS KAMM / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
US President Donald Trump and First Lady Melania Trump give out candy to children at a Halloween celebration at the White House in Washington, DC, on October 28, 2018. (Photo by Nicholas Kamm / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
US President Donald Trump and First Lady Melania Trump give out candy to children at a Halloween celebration at the White House in Washington, DC, on October 28, 2018. (Photo by NICHOLAS KAMM / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
US President Donald Trump and First Lady Melania Trump give out candy to children at a Halloween celebration at the White House in Washington, DC, on October 28, 2018. (Photo by NICHOLAS KAMM / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
US President Donald Trump and First Lady Melania Trump arrive to give out candy to children at a Halloween celebration at the White House in Washington, DC, on October 28, 2018. (Photo by NICHOLAS KAMM / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
TOPSHOT - US President Donald Trump and First Lady Melania Trump give out candy to children at a Halloween celebration at the White House in Washington, DC, on October 28, 2018. (Photo by NICHOLAS KAMM / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
WASHINGTON, DC - OCTOBER 28: The White House is decked out with Autumn colors and pumpkins for President Donald Trump and First Lady Melania Trump to welcome trick-or-treaters to the Halloween festivities, October 28, 2018, in Washington, DC. (Photo by Mike Theiler-Pool/Getty Images)
US President Donald Trump and First Lady Melania Trump give out candy to children at a Halloween celebration at the White House in Washington, DC, on October 28, 2018. (Photo by NICHOLAS KAMM / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
WASHINGTON, DC - OCTOBER 28: President Donald Trump and First Lady Melania Trump welcome trick-or-treaters to the White House for Halloween festivities, October 28, 2018, in Washington, DC. (Photo by Mike Theiler-Pool/Getty Images)
WASHINGTON, DC - OCTOBER 28: President Donald Trump and First Lady Melania Trump welcome trick-or-treaters to the White House for Halloween festivities, October 28, 2018, in Washington, DC. (Photo by Mike Theiler-Pool/Getty Images)
The White House is decorated for Halloween in Washington, DC, on October 28, 2018. (Photo by NICHOLAS KAMM / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
WASHINGTON, DC - OCTOBER 28: President Donald Trump and First Lady Melania Trump welcome trick-or-treaters to the White House for Halloween festivities, October 28, 2018, in Washington, DC. (Photo by Mike Theiler-Pool/Getty Images)
WASHINGTON, DC - OCTOBER 28: President Donald Trump and First Lady Melania Trump welcome trick-or-treaters to the White House for Halloween festivities, October 28, 2018, in Washington, DC. (Photo by Mike Theiler-Pool/Getty Images)
WASHINGTON, DC - OCTOBER 28: President Donald Trump and First Lady Melania Trump welcome trick-or-treaters to the White House for Halloween festivities, October 28, 2018, in Washington, DC. (Photo by Mike Theiler-Pool/Getty Images)
US President Donald Trump and First Lady Melania Trump give out candy to children at a Halloween celebration at the White House in Washington, DC, on October 28, 2018. (Photo by NICHOLAS KAMM / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
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Navarro, who has driven the administration’s protectionist policy on trade, said he was particularly encouraged by the BLS statistics on manufacturing, where employment increased by 32,000.

Wages could be a focal point of the Federal Reserve as it heads toward its December rate meeting, where some expect the central bank to raise the benchmark interest rate by another 25 basis points. The Fed has said it is comfortable with where it sees unemployment but is continuing to monitor inflation within range of its 2% target.

Kathy Jones, chief fixed income strategist at Charles Schwab, acknowledged that the report shows positive trends on wage growth, but said she does not think the 3.1% figure will be repeated next month.

“On a year-over-year basis, we have distortion because last year the numbers dropped pretty significantly also due to storms and bad weather, so I think it’s a little bit of an exaggeration of where we are,” Jones said on Yahoo Finance’s Market Movers on Friday.

Brian Cheung is a reporter covering the banking industry and the intersection of finance and policy for Yahoo Finance. You can follow him on Twitter @bcheungz.

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