NEW YORK (CBSNewYork) – Good news for the economy: employers are hiring and pay is increasing, according to CBS MoneyWatch’s Diane King Hall.

The Labor Department said this week that 250,000 jobs were added to the economy in October. The number was much better than market forecasters were expecting.

The nation’s unemployment rate remained unchanged at 3.7 percent, which is the lowest level in about five decades.

Another bright spot for workers, pay improved with average wages and salaries rising 3.1 percent in the third quarter of the fiscal year.

IRS BOOSTS 401K LIMIT

Starting in 2019, you can save more for retirement through your IRA and 401K savings plans.

The IRS is boosting the savings limit to $19,000 for employer-sponsored 401K accounts. That’s up from $18,500 this year.

You also can save up to $6,000 on your IRA if you’re 50 or under, $500 more than previously allowed.