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WASHINGTON, Nov. 6 (Xinhua) -- The U.S. job market improved significantly in October, adding catalyst1 for the Federal Reserve to raise interest rates in December.
The unemployment rate fell to five percent in October from 5.1 percent in the previous month. Total nonfarm payroll2 employment increased by 271,000, higher than expectations of up to 240,000, the Labor3 Department reported on Friday.
Payroll increase above 200,000 is regarded as one of the key signs of a healthy job market.
Brisk U.S. job data likely to push Fed raise rates in Dec.
The report came as the Fed is contemplating4 whether to raise the key interest rates in December. Job market and inflation are the major two elements that the Fed is considering to hike the rates.
Fed Chair Janet Yellen said Wednesday that the central bank may start raising short-term interest rates at its December policy meeting as the U.S. economy is "performing well."
Analysts5 said the bullish job market data in October provides fresh evidence that the economy continues to grow at a pace that's sufficient to generate further improvements in the labor market. Rates hike in December is highly likely given the current situations.
Several other top Fed officials, including Vice6 Chair Stanley Fischer and Federal Reserve Bank of New York President William Dudley, have also signaled that it will be appropriate to raise interest rate this year as the job market continues to improve.
Average hourly earnings7 increased by 9 cents to 25.2 U.S.dollars in October. Over the year, the figure has risen by 2.5 percent.
The number of long-term unemployed8, or those jobless for 27 weeks or more, was barely changed at 2.1 million in October, accounting9 for 26.8 percent of the unemployed.
The labor force participation10 rate, or the share of the working-age population employed or looking for a job was unchanged at 62.4 percent.
The Fed has kept its benchmark short-term interest rates near zero since December 2008. In its September meeting, the Fed held off the first rates hike off their historic lows citing the global economic slowdown.
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1 catalyst | |
n.催化剂,造成变化的人或事 | |
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2 payroll | |
n.工资表,在职人员名单,工薪总额 | |
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3 labor | |
n.劳动,努力,工作,劳工;分娩;vi.劳动,努力,苦干;vt.详细分析;麻烦 | |
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4 contemplating | |
深思,细想,仔细考虑( contemplate的现在分词 ); 注视,凝视; 考虑接受(发生某事的可能性); 深思熟虑,沉思,苦思冥想 | |
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5 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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6 vice | |
n.坏事;恶习;[pl.]台钳,老虎钳;adj.副的 | |
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7 earnings | |
n.工资收人;利润,利益,所得 | |
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8 unemployed | |
adj.失业的,没有工作的;未动用的,闲置的 | |
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9 accounting | |
n.会计,会计学,借贷对照表 | |
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10 participation | |
n.参与,参加,分享 | |
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