Reuters: U.S. job growth accelerates, jobless rate falls to 4.1 percent
WASHINGTON (Reuters) - U.S. job growth accelerated in October after hurricane-related disruptions hurt employment in September, but there were signs that labor market momentum was slowing as annual wage gains sharply retreated.
Nonfarm payrolls increased by 261,000 jobs last month as 106,000 leisure and hospitality workers returned to work, the Labor Department said in its closely watched employment report on Friday. That was the largest gain since July 2016, but was below economists’ expectations for an increase of 310,000 jobs.
Data for September was revised to show payrolls rising by 18,000 instead of falling by 33,000 as previously reported. The unemployment rate fell to near a 17-year low of 4.1 percent because people left the labor force. Still, the data probably does little to change expectations the Federal Reserve will raise interest rates in December.
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WNU Editor: More jobs were expected but these numbers are still impressive .... US created 261,000 jobs in Oct, vs 310,000 jobs expected (CNBC). I have not covered the U.S. economy for a while, but I have mentioned more than once that in the past that in order for the U.S. to have a handle on its huge deficits, the country will need economic growth that is 3% or better per year. It appears that it is reaching those numbers now .... US economy grows faster than expected in third quarter (BBC). What will stop this growth will be no tax reform, higher taxes, and a stop in deregulation. The termination of the NAFTA trade agreement is also an area of concern. As for the politics .... if the Republicans want to maintain their majorities in the House and Senate, failure to deliver on their promises will guarantee serious electoral losses in November 2018.
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