Central Banks
US Labor Market Cools, Barely, Leaving Fed’s Job Far From Done
- Payrolls rose 261,000 while wages increased 0.4% in October
- Unemployment rate edged up to 3.7% from five-decade low
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Tiny cracks are beginning to emerge in the US labor market’s resilience to higher interest rates and surging prices, but plenty of strength remains to keep Federal Reserve officials focused on stamping out inflation.
Businesses boosted hiring in October by 261,000, which was more than expected, and average hourly earnings accelerated from September, according to a Labor Department report Friday.