US jobs data shows increase of 261,000, below expectations
Washington — US jobs growth accelerated in October after hurricane-related disruptions hurt employment in September, but there were signs that labour market momentum was slowing as annual wage gains sharply retreated. Non-farm payrolls increased by 261,000 jobs last month as 106,000 leisure and hospitality workers returned to work, the Labour Department said in its closely watched employment report on Friday. This 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% because people left the labour force. Still, the data probably does little to change expectations the US Federal Reserve will raise interest rates in December. The sharp moderation in job growth in September was blamed on hurricanes Harvey and Irma, which devastated parts of Texas and Florida ...
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