US employers are hiring briskly even in face of rate hikes
The Associated Press
WASHINGTON (AP) – America’s employers kept hiring vigorously in October, adding 261,000 positions, a sign that as Election Day nears, the economy remains a picture of solid job growth and painful inflation.
Hiring was brisk across industries, though the overall gain declined from 315,000 in September.
The unemployment rate rose from a five-decade low of 3.5% to a still-healthy 3.7%.
The government also said average hourly pay, on average, rose 4.7% from a year ago, a smaller year-over-year gain than in September.
A strong job market is deepening the challenges the Federal Reserve faces as it raises interest rates at the fastest pace since the 1980s to try to bring inflation down from near a 40-hear high.
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11/4/2022 12:43:19 PM (GMT -5:00)