US shows ‘resilience’ with steady job growth

US job growth increased steadily in October and the unemployment rate fell to a fresh six-year low, underscoring the economy’s resilience in the face of slowing global demand.

Despite the strengthening labour market, wage growth remained tepid, suggesting little need for the Federal Reserve to hurry to start lifting interest rates.

Employers added 214,000 new jobs to their payrolls last month, the Labour Department said yesterday. The unemployment rate fell to 5.8% from 5.9%, even as more people entered the workforce — a further sign of strength.