US economy added 261,000 jobs in October

The US Department of Labor says companies added 261,000 jobs in October. That was more than most economists had been expecting.

The figures, released on Friday in the department’s monthly jobs report, comes as political campaigning for the midterm elections enters its final weekend.

The report said the unemployment rate rose slightly, from 3.5 to 3.7 percent. Wages rose by 4.7 percent compared to a year ago, as the tight labor market has forced employers to compete for available workers and offer higher salaries.

President Joe Biden said the figures show the effectiveness of Democratic policies, despite the rhetoric of his Republican rivals.

Biden said, “As president, I will not accept the argument that says our problem is too many Americans are finding good jobs.”

Republican leaders, by contrast, criticized the figures as “the worst job report of the year.” They say workers may be earning more, but soaring inflation has canceled out any gains.

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