The report shows that the pace of wages grew at the fastest rate for the first time in nine years last month.
According to the U.S. Labor Department, wages grew at an annual rate of 3.1 percent in October, accelerating from a rate of 2.8 percent the month before.
It also noted that the economy added 250,000 jobs last month, beating expectations while the jobless rate remained at 3.7 percent.
Given the strength of this jobs report, most economists expect the Federal Reserve to raise interest rates again before the end of the year.
The last time the Federal Reserve raised interest rates was in September, thus bringing the target for the bank’s benchmark rate to a range of 2%-2.25%.
The move back then was the bank’s eighth rate rise since 2015, which is consistent with the Fed’s policy of gradual increases.
The Fed has maintained that the increases are intended to hold off a runaway rise in inflation.
Readers Bureau, Contributor
Edited by Jesus Chan
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