![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/us-jobs-growth-solid-but-slowing-amid-inflation-fight/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/127517666_whatsubject.jpg&description=Image source, Getty ImagesImage caption, Job gains at bars and restaurants slowed in OctoberJobs growth in the US is continuing at a solid, though slowing pace, despite rising prices and higher borrowing costs weighing on the economy. Employers added 261,000 jobs in October, while the unemployment rate rose slightly to 3.7%, the US Labor Department said on Friday.The news comes as the economy remains a top concern for voters ahead of next week's midterm elections.Despite a strong labour market, soaring costs have hit public confidence.Consumer prices are rising at a pace not seen since the early 1980s. Inflation, which measures how the cost of living changes over time, is up 8.2% over the 12 months to September. While the rate has slowed since June as motor fuel prices fall, the cost of groceries, medical bills and many other items continues to climb.The issue has weighed on Democrats, who were already fighting an uphill battle to maintain their slim hold of Congress. "People are depressed and often people vote with their pocketbooks," said Beth Ann Bovino, chief US economist at S&P Global Ratings. "Inflation is almost everywhere. People are squeezed at the checkout stand, they're squeezed with their rental payments, when they try to buy a home."The White House has made the case that some slowdown is expected - and healthy - as the economy returns to normal after the surge in activity when it reopened from lockdowns.And for now, government figures suggest there has only been mild softening in the labour market.Although the unemployment rate ticked up from 3.5% in September, the 261,000 jobs added last month was far better than economists had expected, with healthcare and manufacturing firms helping to drive the hiring. Wage gains were also strong, despite not keeping pace with inflation, with average hourly pay up 4.7% over the past year."We're going to do what it takes to bring inflation down," President Joe Biden said Friday, responding to the latest figures. "But){kind=link}
Jobs growth in the US is continuing at a solid, though slowing pace, despite rising prices and higher borrowing costs weighing on the economy.
Employers added 261,000 jobs in October, while the unemployment rate rose slightly to 3.7%, the US Labor Department said on Friday.
The news comes as the economy remains a top concern for voters ahead of next week’s midterm elections.
Despite a strong labour market, soaring costs have hit public confidence.
Consumer prices are rising at a pace not seen since the early 1980s. Inflation, which measures how the cost of living changes over time, is up 8.2% over the 12 months to September.