Economic situation: US labor market is growing surprisingly strongly

Washington. The US labor market surprised with a strong increase in jobs in October. The bottom line was that 165,000 non-farm jobs were created, according to the government's jobs report published on Friday. Experts surveyed by the Reuters news agency only had an increase of 65,000 jobs on their radar.

According to revised data, 60,000 jobs were created in September. An increase of 29,000 jobs was originally reported. The unemployment rate fell to 4.1 percent in October. Experts had expected this to remain at the previous month's figure of 4.2 percent.

The US Federal Reserve is supposed to ensure full employment and stable prices and is keeping a close eye on job data. It recently kept the key interest rate constant after tightening monetary policy in September. From the perspective of the financial markets, the Fed could increase its prices in December - also because price increases are too strong due to energy costs fueled by the Iran war.

The head of the regional central bank of New York, John Williams, emphasized on Friday at an ECB conference in Frankfurt that inflation was too high. It must be brought back to the target value of 2.0 percent. At the same time, the monetary authority confirmed that the US labor market was remarkably stable.