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

US hiring remained strong in October, though the national unemployment rate ticked higher than expected in a trend that could affirm the Federal Reserve’s move toward smaller interest rate hikes at a pivotal meeting next month.

Employers hired at a robust clip, adding a higher-than-expected 261,000 jobs last month, according to Labor Department data. Prior to the announcement, economists had expected employers to add 205,000 jobs.

The US unemployment rate ticked upward to 3.7% — worse than the 3.5% rate economists projected. However, the rate is still hovering near a five-decade low.