US jobs growth accelerated in October

US jobs growth accelerated in October

Data from the US Labor Department showed on Friday that American economy added 261K new jobs in October. This is the biggest monthly increase in nonfarm payrolls (NFP) this year, although it missed the consensus forecast of 314K. NFP for September was revised to the upside from -33K to +18K. Payrolls recovered as people resumed work that was interrupted by hurricanes Harvey and Irma.

The US unemployment rate declined last month to 4.1% from 4.2% in the previous month. This is the lowest level of the indicator since 2000. However, what’s more important, average hourly earnings stagnated after rising by 0.5% in September. This may be partly explained by the return of the lower-paying industry workers. Annual wage growth slowed down from 2.9% to 2.4%. This may concern some of the Fed’s policymakers. Yet, as the average NFP gains during the past 3 months account for 162K, the Federal Reserve will still be expected to raise interest rates on December 13 for the third time this year.

The USD index fell to 94.30 on the news before recovering to 94.60. The impact of bad weather makes it harder to analyze the US labor market figures. However, most economists seem optimistic. The specialists expect that the previous trend in hiring will be restored, though at a slower pace.

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