RALEIGH – The United States economy added 261,000 jobs in October, according to the latest data from the U.S. Bureau of Labor Statistics, released on Friday morning.
That’s more than many economists and analysts expected.
“Job gains were higher than many economists expected,” said Dr. Michael Walden, an economist at North Carolina State University. “The job market continues to defy a recession.”
And while employment increased in the economy, so too did unemployment, rising to 3.7% from 3.5% a month ago. Still, US unemployment remains near historic lows, which means that the Federal Reserve may again move to slow labor markets by raising interest rates.
“Notable job gains occurred in health care, professional and technical services, and manufacturing,” the report noted.
The stronger-than-expected jobs report will likely keep the Federal Reserve raising interest rates, Walden said. “But, on the good side, more people are working,” said Walden.
UNC Professor: US jobs report means Fed may have ‘no choice’ but to ‘engineer a recession’
