Jobs report bolsters December rate hike case
In a show of domestic strength, the jobless rate hits a 71/2-year low
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US job growth surged in October after two straight months of tepid gains, with the unemployment rate hitting a 71/2-year low in a show of domestic strength that makes it almost likely the Federal Reserve will hike interest rates in December.
Non-farm payrolls increased 271,000 last month, the largest rise since December 2014, the Labor Department said on Friday. In addition, average hourly earnings increased nine US cents last month. The solid gains added to robust car sales in painting an upbeat picture of the economy at the start of the fourth quarter.
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