JUST IN: U.S. economy added 261,000 jobs in October, despite Federal Reserve interest rate increases.
aimed at slowing what is still a strong labor market.
Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs but worse than the 3.5% estimate for the unemployment rate. The new figures come as the Fed is on a campaign to bring down inflation running at an annual rate of 8.2%, according to one government gauge. Earlier this week, the central bank approved its fourth consecutive 0.75 percentage point interest rate increase, taking benchmark borrowing rates to a range of 3.75%-4%.
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