US employers hire another 261,000 as Fed rate hikes continue


WASHINGTON (AP) — America’s employers kept hiring in October, adding 261,000 positions.

Hiring was brisk across industries, though the overall gain declined from 315,000 in September.

The unemployment rate rose from a five-decade low of 3.5% to 3.7%.

The government also said average hourly pay, on average, rose 4.7% from a year ago, a smaller year-over-year gain than in September. But in that comes on the heels of September’s report that inflation had outpaced that year-over-year by 8.2%.

A strong job market is deepening the challenges the Federal Reserve faces as it raises interest rates at the fastest pace since the 1980s to try to bring inflation down from near a 40-hear high. The Fed this week raised a key interest rate 0.75 basis points for the fourth time this year.

Central Oregon Daily News contributed to this report.


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