US employers hired more workers than expected in October, but a rise in the unemployment rate to 3.7% suggested some loosening in labour market conditions.
Nonfarm payrolls increased 261,000 last month, the Labor Department's closely watched employment report showed today. Economists polled by Reuters had forecast 200,000 jobs, with estimates ranging from 120,000 to 300,000.Today's figures show that average US hourly earnings increased 0.4% after rising 0.3% in September. They were likely boosted by a calendar quirk.
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