The number of employed people increased by 261,000 in October, which was more than the economists’ preliminary estimates.
The new ones the number of jobs in the United States grew by a surprising amount in October.
According to statistics published by the Ministry of Labor on Friday, the number of people employed outside agriculture increased by 261,000 in October. Economists estimated in a Reuters survey that the number would have increased by 200,000.
The number of employed people increased especially in October in healthcare, professional services and industry. In September, employment improved by 315,000, in August by 292,000 and in July by 528,000.
The new ones the data confirm the US central bank’s view that the increase in consumer prices, i.e. inflation, is accelerated by the overheating of the economy. It means that the demand for labor is greater than the supply and the economy is operating at the limit of its capacity.
Many companies have to attract employees with even higher wages. In October, hourly wages increased by 4.7 percent from the corresponding period last year.
Central bank on Wednesday tightened monetary policy for the fourth time in a row this year by 0.75 percentage points. The range of the key interest rate is currently 3.75–4.00 percent.
The central bank plans to continue tightening monetary policy in the rest of the year and probably next year as well. The market estimates that next year the central bank will move the key interest rate to five percent.
Despite the improvement in employment, the unemployment rate now reached 3.7 percent in October, which is 0.2 percent more than in September. However, the Ministry of Labor emphasized that the unemployment rate has been 3.5–3.7 percent since March.
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