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The American labor market continues to run in circles.
In October, the US economy created 250,000 jobs, exceeding expectations, while the unemployment rate held steady at 3.7%, the lowest level since 1969.
Economists forecast growth of 200,000 non-farm jobs in October, with the unemployment rate remaining at its lowest level in several decades at 3.7%.
Investors followed wage growth more closely in October, up 0.2% from last month and 3.1% from last year, the fastest pace since April 2009. year.
The unemployment rate has remained at its lowest level for several decades, while the rise in employment exceeded expectations in October. (Source: BLS)
The activity rate of the labor force also increased in October to 62.9%, up 0.2% from September.
In October, the economy created jobs in all major BLS industries, with both construction and manufacturing jobs increasing by more than 30,000 in October. Education and health services recorded the largest overall increase in employment, with an additional 46,700 jobs this year.
Job gains in September were revised to 118,000, down from 134,000 in Friday's report.
In its statement, the BLS said Hurricane Michael, who landed during the report's reference week, "had no discernible effect on national estimates of employment and unemployment for October" .
The underemployment rate, which includes unemployed and part-time workers who would prefer a full-time job, fell to 7.4% in October, its lowest level since April 2001.
Overall, Friday's report should confirm the Fed's expectation that it will raise its target rate target by 25 basis points in December, the fourth time this year that the central bank raises its interest rates .
Following this report, US equities futures were mixed, as stocks reduced some of their day-to-day gains and Nasdaq futures turned negative. Apple's shares (AAPL) lost up to 6% in pre-market trading after corporate earnings Thursday afternoon disappointed investors.
According to the Bloomberg News report, President Donald Trump has asked his team to draft potential terms for a trade deal with China.
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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland"data-reactid =" 64 ">Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland
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