US employers add 165,000 jobs in October, but worrying joblessness trends remain: Here's what the latest numbers mean for you
Executive Brief • Key Highlights
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- ✓US employers added 165,000 jobs in October, pushing the unemployment rate down to 4.1 percent.
- ✓While payrolls grew faster than expected, average hourly earnings rose 3.1 percent, staying below the 3.7 percent inflation rate.
- ✓This robust report showed the Federal Reserve might hike interest rates during its December 8-9 meeting.
Story at a Glance
- Category
- Indian Markets
- Reported By
- The Economic Times
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Synopsis
US employers added 165,000 jobs in October, resulting in a decrease in the unemployment rate to 4.1 percent. Average hourly earnings saw a year-over-year increase of 3.1 percent, although it remains below the inflation rate. The US Federal Reserve might be considering a potential interest rate hike after the robust jobs report, which could be announced next month.
Forecasters predicted the jobs market to only move forward last month. But jobs grew at a much faster rate, defeating all industry expectations. US employers added 165,000 jobs in October, the Bureau of Labor Statistics (BLS) said in its report on Friday, The unemployment rate came down to 4.1 percent, falling from 4.2 percent in September. Before the latest report, employers had added an average of about 68,000 jobs a month since the beginning of this year. Here's what the figures mean for your finances.
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The Economic Times
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