WASHINGTON (AP) U.S. businesses ramped up hiring in October, and wages rose by the largest year-over-year amount in nearly a decade, a combination that is pulling a rising share of Americans into the job market.
In the final major economic report before Tuesdays congressional elections, the government said Friday that U.S. employers added a robust 250,000 jobs in October. The unemployment rate stayed at a five-decade low of 3.7 percent.
Healthy economic growth is spurring employers to hire at a rapid pace that shows no sign of flagging even with the economy in its 10th year of expansion. With the supply of unemployed dwindling, companies appear to be finally putting up generous enough pay raises to attract and retain employees.