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U.S. hiring rose more than expected in October. The Labor Department report showed 171,000 people were recruited the prior month, after adding 148,000 workers to payrolls in September. The rally was fostered by increased consumer sentiment that bolstered the purchases.
"Consumers pull a lot of weight, so more spending can lead to job creation," said Scott Anderson, chief economist at Bank of Sanfrancisko.
Yet the average hourly earnings in October advanced 1.6% on 12-month basis showing the smallest increase since 2007. The unemployment rate climbed 7.9% in October from 7.8% in September, since more people participated in the labor market.