The Labor Department reports Friday the U.S. economy added 261,000 jobs in October, a sign of continuing solid employment growth amid persistent inflation.

The report also showed last month’s unemployment rate rose to 3.7%, from a five-decade low of 3.5%.

This month’s overall job gain declined from 315,000 in September, but showed solid hiring across industries, according to the Associated Press. 

The strong job market continues to create challenges for the Federal Reserve, which is trying to slow inflation through a series of interest-rate hikes. But steady hiring, solid pay growth and a low jobless rate have been good for workers and thus have contributed to rising prices, the wire service also reports.

You Might Like
Learn more about RevenueStripe...