The unemployment rate fell to 4.6% while the labour force participation rate was unchanged
A woman walks through Times Square in New York in the US. Picture: 123RF/KIRKIKIS
The median estimate in a Bloomberg survey of economists called for a 450,000 payrolls gain and for the jobless rate to fall to 4.7%. The dollar held on to gains after the data, while the yield on the 10-year treasury note fluctuated. US stock-index futures rose. Payroll gains in October were led by a 164,000 increase in leisure and hospitality. Professional and business services, transportation and warehousing, and manufacturing also posted significant increases.
Higher wages could mean that more businesses raise prices to protect margins as the costs of labour, materials and transportation climb, stoking inflation. Prices have increased by the most in three decades on a year-on-year basis, driven by supply chain bottlenecks and shortages. The labour department’s report showed average workweek fell to 34.7 hours in October from 34.8 hours a month earlier.
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