Hiring across the U.S. continued to surge in October, highlighting that the nation’s job market remains tight just days before the midterm elections.
Employers added 261,000 jobs last month, the Labor Department said on Friday, overshooting economists’ expectations. The unemployment rate ticked up to 3.7%, from 3.5% in September. Forecasters had predicted payroll growth of about 200,000 in October.
Previous estimates for hiring in August and September were also revised to show nearly 30,000 more jobs created than initially thought.
The strong job market is a rare bright spot in an economy otherwise beset by consumer worries. Polls show most Americans believe the country is in recession, while inflation remains near a 40-year high, outpacing wage growth and squeezing household budgets.
This is a developing story.
