US job growth continues at a solid, albeit slower, pace despite rising prices and higher borrowing costs weighing on the economy.
Employers added 261,000 jobs in October, while the unemployment rate edged up 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.
Democrats have argued that the US economy is healthy.
Employment gains have been stable and unemployment remains low, although rising slightly from 3.5% in September.
But consumer prices are rising at a pace not seen since the early 1980s, rising 8.2% in the 12 months to September.
While the rate has slowed since June as fuel prices fall, the cost of groceries, medical bills and many other items continue to rise.
“People are depressed and they often vote with their wallets,” said Beth Ann Bovino, chief US economist at S&P Global Ratings. “Inflation is almost everywhere. People are being squeezed at the register, they are being squeezed with their rent payments trying to buy a house.”
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