File - A worker unloads grocery goods in Washington. The U.S. unemployment rate fell again in October.
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U.S. job growth increased at a fairly brisk clip in October and the unemployment rate fell to a fresh six-year low of 5.8 percent, underscoring the economy's resilience in the face of slowing global demand.Despite the strengthening labor market picture, wage growth remained tepid, suggesting the Federal Reserve would be in no hurry to start lifting interest rates.Data for August and September were revised to show 31,000 more jobs created than previously reported.Monthly job growth has exceeded 200,000 for nine straight months, the longest stretch since 1994, sufficient strength to keep the economy on a higher growth path after it expanded at a 3.5 percent pace in the third quarter.The Federal Reserve last month struck a fairly upbeat tune on the jobs picture as it ended its bond buying program, dropping its characterization of labor market slack as "significant" and replacing it with "gradually diminishing". Sturdy job gains on their own, however, will probably not be enough to convince the U.S. central bank to start raising interest rates before the second half of 2015 given a still low level of inflation.
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