US: Economy adds 271,000 jobs in Oct.
Labor Department jobs report beat analyst consensus estimate of 180,000; data could push Fed on interest rates
The U.S. economy added 271,000 jobs in October, the country’s Labor Department reported on Friday.
The report beat analysts' consensus estimate of 180,000 new jobs in the private sector, the report said.
Labor Department data said unemployment rate fell to a seven-year low at five percent.
Employment in professional and business services increased by 78,000 last month, compared to an average gain of 52,000 per month over the prior 12 months.
October’s job gains occurred in administrative and support services (+46,000), computer systems design and related services (+10,000), and architectural and engineering services (+8,000).
Healthcare added 45,000 jobs in the same month. Over the past year, healthcare has added 495,000 jobs, according to the report.
The Federal Reserve has indicated that an improved employment picture could lead to an interest rate hike in December.
Shortly after the report was released, Chicago Federal Reserve President Charles Evans told CNBC that the solid report supported a possible interest rate rise when the Fed meets in December.
"The much stronger-than-expected October employment report is very good news, and supports my growth forecast of 2.5 percent growth," Evans said.
