The latest job report from the US Department of Labor smashed all expectations. The US economy added 271.000 new jobs in October, the highest number this year, and around 90.000 more than what the analysts had anticipated. Economists were expecting roughly 180.000 jobs to be added, a number still higher than the previous report, and prefigured that the jobless rate would remain steady. In fact, unemployment dropped to 5 percent, the lowest rate in seven and a half years.
Over the past three months, the US economy has added, on average, 187.000 jobs each month. If the pace is sustained, the economy will reach full employment by next summer, analysts say.
The job report also shows that wages are on the rise. According to the document, hourly earnings have increased 2.5 percent compared to October 2014, and up from 2.2 percent in the previous month. US workers received on average $25.20 per hour last month.
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