Employment in the United States increased by 165,000 jobs in October, exceeding analysts’ expectations, while the unemployment rate edged down to 4.1 per cent, according to government data released on Friday.
The relatively stable labour market gave the US Federal Reserve, which holds a dual mandate to maintain inflation at a long-term 2 per cent target while ensuring maximum employment, the ability to prioritise tackling stubbornly high prices.
The stronger-than-expected October figures could add to pressure for further rate hikes. That would put the Fed at odds with President Donald Trump, who has repeatedly called for lower borrowing costs and responded to the central bank’s September rate hike by demanding: “LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!”
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