US job gains expectations in October

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US job gains topped expectations in October, as hiring rose at a solid pace and wages moved ever higher, even as the unemployment rate edged up, according to the closely-watched US employment report Friday.

The data will provide little comfort to the Federal Reserve which has been battling to cool the economy and bring down inflation that has soared to the highest in 40 years. Central bankers fear high prices will become entrenched and rising pay will create an upward spiral, inflicting more harm on families and businesses.

American employers added 261,000 workers last month, far more than economists had forecast, while the jobless rate rose two-tenths to 3.7 percent, the Labor Department said.—APP

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