Upbeat news on the U.S. economy — it’s created more jobs, and recorded the fastest wage increase in nine years.
CGTN’s Daniel Ryntjes has details.
The unemployment rate stayed at 3.7 percent, while 250,000 jobs were created in October.
That’s much higher than the 190,000 that economists expected. Wages for private jobs also rose by five cents taking the average hourly salary for private companies to $27.30.
For the year, that brings wage growth to just over 3 percent. The Labor Department also said there was no “discernible impact” on the job market from Hurricane Michael which impacted Florida’s last month.
All of this was seized upon by President Trump, who in a tweet described them as ‘incredible numbers’ as he continues to press his arguments as to why voters should vote for Republicans in next week’s midterm elections.
The strong numbers have increased financial market expectations that the U.S. Federal Reserve will raise rates at December’s meeting. Wage and jobs growth tends to raise prices for goods and services.
The Federal Reserve is meant to ensure that inflation doesn’t rise too much above its current level of 2 percent, though President Trump has been criticizing the Fed for raising the costs of borrowing.