US employment sees solid growth in October

US employers maintained a strong pace of hiring in October and boosted wages for workers.

Non-farm payrolls increased by 161,000 jobs last month, below the 175,000 additions expected by economists.

Unemployment rate fell to 4.9 per cent from 5 per cent and average hourly earnings increased 0.4 percent in October after advancing 0.3 per cent in September. “It’s a good employment report on balance.

The number was very close to the consensus that helped the market not react too much," said Aaron Kohli, interest rate strategist at BMO Capital Markets in New York. "The big deciding factor will be whatever uncertainty there is around the election and what impact that has on the financial markets."

Though the US central bank is expected to increase borrowing costs next month, that decision will likely depend on the outcome of Tuesday’s election.

Reuters