Unemployment Rate Falls as the Economy Adds More Jobs

The rate of unemployment has fallen to 4.1% and that is the lowest rate in nearly twenty years! The economy added 261,000 jobs in October and has added around 1.5 million jobs since the beginning of the year.

The interesting thing to watch will be wage growth. Will the increase in the employment numbers mean that wages will go up as companies compete for qualified employees? Thus far the numbers do not show that, but there has been upward wage pressure starting to appear in some industries. The open question is whether this will start to happen across more industries. Time will tell.

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