FILE – A help wanted sign is displayed in Deerfield, Ill., Wednesday, Sept. 21, 2022. The U.S. government will issue the October jobs report on Friday morning. (AP Photo/Nam Y. Huh, File)
By CHRISTOPHER RUGABER AP Economics Writer
WASHINGTON (AP) — America’s employers kept hiring vigorously in October, adding 261,000 positions, a sign that as Election Day nears, the economy remains a picture of solid job growth and painful inflation. The unemployment rate rose from a five-decade low of 3.5% to a still-healthy 3.7%. Average hourly pay rose 4.7% from a year ago, a smaller year-over-year gain than in September. Still, last month’s average 12-month wage increase remained high enough to fuel inflation. 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.