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US employers added more jobs than expected in October while wages rose firmly, underscoring the resilience of the labor market despite the Federal Reserve’s aggressive efforts to cool it down.
Nonfarm payrolls increased 261,000 last month following an upwardly revised 315,000 gain in September, a Labor Department report showed Friday. The unemployment rate ticked up to 3.7% as participation edged lower, while average hourly earnings accelerated from the prior month.
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The median estimate in a Bloomberg survey of economists called for a 193,000 advance in payrolls and for the unemployment rate to edge up to 3.
