October unemployment numbers released - WMC Action News 5 - Memphis, Tennessee

October unemployment numbers released

(Source: WMC Action News 5) (Source: WMC Action News 5)
MEMPHIS, TN (WMC) -

Just a few days to go before election day, and the newest unemployment numbers are out for October 2016.

Employers added 161,000 jobs in October.

The unemployment rate dropped to 4.9 percent from five percent.

The average hourly pay increased 10 cents an hour to an average $25.92 an hour, the biggest year increase in seven years.

Consumer spending is also on the rise.

The U.S. Department of Labor reports much of the spending is on high ticket items, like houses and cars.

This news has economists predicting the Federal Reserve will raise interest rates for November, which would be the first time for doing so in 2016.

Copyright 2016 WMC Action News 5. All rights reserved.

Powered by Frankly