US employers tighten hands adding 1,50,000 jobs in October, unemployment rate rises
job growth. The strikes are over for now as the workers reached a temporary settlement with the companies that promised them better pay and benefits. The employment figures still look promising as they helped the US maintain its strong position and played a significant role in bolstering consumer spending.
The wage-related problems continue to ease as the average hourly wage saw a modest 0.2% increase compared to September. The math looks far better when seen with a yearly lens as the average hourly wage jumped 4.1% compared to the same period last fiscal. But, the US Fed will surely look more closely at the number of people in the labour force which witnessed a drop of 2,01,000 in October.
The central bank is closely monitoring all data related to the economy as it aims to tame inflation which hit a four-decade high last year but has slowed sharply since then. Despite a slowdown, the companies look intrested in hiring more people. The latest figures from the Labor Department indicate that in September, employers advertised 9.6 million job vacancies, marking a slight increase compared to August.
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