Labor Department data released today showed the US economy added jobs in October number much larger than expected, adding to evidence of a tightening labor market.
Non-farm payrolls in October printed at 271K, 180k beating estimates by a wide margin. The previous figure was revised to 137K from 142K. The unemployment rate dipped further to 5.0% from 5.1% in September and the participation rate remained unchanged at 62.4%.
Wages per hour print biggest annual rise since 2009
Earnings per hour on average increased by 0.4% (an estimated 0.2%, previous 0.0%) from the previous month and 2.5% over the past year.
The October report is strong enough to add to evidence the economy is on track for modest growth, while the labor market continues to tighten. Overall the report could encourage betting Fed rate hike in December
Non-farm payrolls in October printed at 271K, 180k beating estimates by a wide margin. The previous figure was revised to 137K from 142K. The unemployment rate dipped further to 5.0% from 5.1% in September and the participation rate remained unchanged at 62.4%.
Wages per hour print biggest annual rise since 2009
Earnings per hour on average increased by 0.4% (an estimated 0.2%, previous 0.0%) from the previous month and 2.5% over the past year.
The October report is strong enough to add to evidence the economy is on track for modest growth, while the labor market continues to tighten. Overall the report could encourage betting Fed rate hike in December
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