The October Jobs Report Gives Fed Officials a Green Light to Raise Rates
- Payroll gains led by health care, temporary help & retailers
- Odds of December Federal Reserve rate increase rise to 70%
U.S. Employment in Oct. Surges By Most This Year
This article is for subscribers only.
Forget about ambiguity. The October jobs report left little doubt the U.S. labor market is back with a vengeance after a two-month lull.
The 271,000 gain in payrolls was the biggest this year and exceeded all estimates in a Bloomberg survey of economists, a Labor Department report showed Friday. The jobless rate fell to a seven-year low of 5 percent and average hourly earnings over the past 12 months climbed by the most since 2009.