October Payroll Increase Bodes Well for U.S. Consumer Spending
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Employment in the U.S. rose in October for the first time in five months, a sign the world’s largest economy may strengthen in the final quarter of the year.
Payrolls climbed by 151,000 workers, exceeding all estimates in a Bloomberg News survey of economists, after a revised 41,000 drop in September that was smaller than initially estimated, Labor Department data showed yesterday in Washington. Private hiring expanded the most since April, hours worked rose and wages grew, while the jobless rate held at 9.6 percent.