The United States economy far exceeded expectations of job growth last month set by the Dow Jones, despite Federal Reserve interest rate increases, NBC News reports.
Nonfarm payrolls increased by 261,000 in October, however, the unemployment rate also increased to 3.7%, the Labor Department announced on Friday (November 4).
The Dow Jones had previously estimated 205,000 jobs added in October, though the unemployment rate was also higher than the 3.5% predicted.
Average hourly earnings also rose to 4.7% from the previous year and 0.4% from the prior month, which indicated that inflation will likely continue to be pressured.
The annual growth met prior expectations while the monthly gain was slightly higher than the 0.3% prediction.
The data was released amid the Federal Reserve’s effort to bring down inflation, which is currently at an annual rate of 8.2%, NBC News reports, citing a government gauge.
The central bank approved its fourth consecutive 0.75 percentage point increase earlier this week, which resulted in the benchmark borrowing rates ranging from 3.75% to 4%.
Last month, an estimated 38% of responding Americans cited the economic issue as the most important problem in the U.S. as part of a poll conducted by Gallup.com one month before the midterm elections.
Higher prices for food, shelter and medical care continue to cause the increased inflation totals, according to the data.
President Joe Biden‘s administration has taken measures to address the issue, including the Inflation Reduction Act, however, provisions in the law will take place during a 10-year period and at least two separate models predict it may not bring statistical significance toward impacting inflation.
