The U.S. economy added a still-robust 261,000 jobs in October and the unemployment rate ticked up to 3.7%, giving a final snapshot of the market before the midterm elections.
The most significant job gains were in health care, professional and technical services and manufacturing.
The jobs picture remains healthy even as the Federal Reserve engages in a series of significant rate hikes in an effort to rein in inflation. The interest rate hikes have triggered concerns of a recession instead of a so-called “soft landing” as the government tries to control prices.
Average hourly earnings grew at a rate of 0.4% for the month, or 4.7% from a year earlier.