U.S. hiring accelerated in October on the back of two strong quarters of corporate profits and a third-quarter growth rate of 3.4%. The economy added 165,000 jobs on the month, which reduced the unemployment rate to 4.1%. Wages increased by 0.4% in October, which translated to a 3.1% yearly advance. While that figure implies a decline in inflation-adjusted wages, it also shows that wages are not an inflation problem at this time. Get Joe Brusuelas’s Market Minute commentary every morning. Subscribe now . Employment among people in their prime working years of 25 to 54 stood at 83.7%, just below the cyclical peak of 84%.
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