US employers added more people than expected to their payrolls in October while the unemployment rate held steady, according to the jobs report released Friday by the Bureau of Labor Statistics.
Nonfarm payrolls increased by 250,000.
Economists had forecast that employers added 200,000 nonfarm payrolls last month, according to estimates compiled by Bloomberg. The unemployment rate was forecast to hold steady at 3.7%, its lowest level since 1969.
Wage growth is the star of the show, and was expected to show a new post-crisis milestone for Americans‘ paychecks.
Average hourly earnings were forecast to rise 3.1% year-on-year, the first time they’ve grown by more than 3% since April 2009. This was expected partly because wage growth was weak last October, as many of the lower-paid staff who were put out of work by Hurricane Harvey returned to their jobs.
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Source: Business insider