In what could be a garish vindication of a further strengthening in US labour market, the US Labour Department’s closely monitored non-farm payrolls data had unveiled a better-than-anticipated job growth in October, as a swathe of setbacks that the labour market had to digest in third-quarter amid a flare-up in delta cases, appeared to have eased.
Besides, the Labour Department’s upbeat employment report came forth just a day after US private payroll reports had unveiled that American employers had created 571,000 jobs in October with leisure and entertainment industry adding as many as 185,000 positions, while an ISM survey report had unfurled that US services sector activities rose to a record in October, offering further evidence that the worst might be over for a long-languishing US labour market as continuing jobless claims tumbled to 2.105 million over the week that ended on October 23 after hitting a record 6.6 million in April last year.
US employment data breaks off strong October gains, rising wages
According to US Labour Department data released earlier in the day, US non-farm payrolls rose to 531,000 last month, beating an analysts’ forecast of 450,000 jobs, while September non-farm payrolls data was revised higher to 312,000 from a previously reported 194,000.
Besides, in the latest flashpoint of a roaring US labour market, US unemployment rate fell to 4.6 per cent in October from a 4.8 per cent logged a month earlier, while average hourly earnings are expected to rise by 0.4 per cent over current-quarter.
Nonetheless, there had been 10.4 million unfilled positions as of end-August, the Labour Department data had unmasked.