The U.S. jobless rate fell to a 17-year low in October and employers hired at a strong pace, showing the labor market bounced back from recent hurricanes.
Nonfarm payrolls rose a seasonally adjusted 261,000 in October, the Labor Department said Friday. That was a pickup from the prior month, but undershot economists’ expectations for 315,000 new jobs.
Meantime, the unemployment rate ticked down to 4.1%, its lowest level since December 2000. The jobless rate, which changed little over the course of 2016, has dropped from 4.8% to 4.1% since the start of this year, a sign the labor market is heating up.
Nonetheless, wages failed to break out in October, rising 2.4% from a year earlier, a slowdown from the prior month.
Source: Wall Street Journal