US adds 261,000 jobs in October, unemployment rate rises to 3.7%

The US economy added 261,000 jobs in October while the unemployment rate moved higher to 3.7%, the Labor Department has reported. The payroll numbers were better than the Dow Jones estimate for 205,000 more jobs but worse than the 3.5% estimate for the unemployment rate. Meanwhile, average hourly earnings grew 4.7% from a year ago and 0.4% for the month.