Unemployed and homeless people line up for a free meal and new shoes in Los Angeles, California. AFP PHOTO/ MARK RALSTON
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Solid growth in the number of U.S. jobs last month greatly boosts the case for a December interest rate hike by the Federal Reserve, where policymakers have begun to worry the economy might eventually overheat without higher borrowing costs. Employers outside of farming added 271,000 jobs in October and the jobless rate fell to 5.0 percent, a 7-1/2-year low, according to a Labor Department report released Friday.Prior to Friday's jobs report, private economists said job gains above 150,000 in October and November could be enough for the central bank to hike in December.Fed Chair Janet Yellen Wednesday described the economy as strong, despite the slower job growth seen in August and September.
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