Another month of strong employment growth was recorded in October by the US economy, with new jobs exceeding analysts’ estimates, leading to a further decline in unemployment.
In particular, the US economy added another 531,000 jobs last month, following a revised September increase of 312,000 jobs from 194,000 initially, according to data released by the US Department of Labor.
Unemployment fell to 4.6% in October from 4.8%, while the labor force participation rate remained unchanged at 61.6%.
Analysts’ average estimates in a Bloomberg poll put the number at 450,000, with unemployment falling to 4.7%.
The rising rate of hiring shows that more Americans are returning to the job market as the negative impact of the pandemic on the economy has waned significantly and employers are offering higher wages. Hourly wages rose further in October and are now up 4.9% in the last 12 months, one of the largest increases in decades. Average hourly earnings increased 11 cents or 0.4% to $ 30.96.
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Source From: Capital
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