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American employment growth and wages pick up in October

In October, American employers stepped up hiring and raised wages for workers, that could effectively seal the case for a December interest rate lift from the Federal Reserve.

The previous month nonfarm payrolls surged by 175,000 jobs, having soared 156,000 in September, as a Reuters poll of economists revealed. The unemployment rate is forecast dropping one-tenth of a percentage point to about 4.9%.

The expected payroll revenues are supposed to gracefully meet the Fed's criteria of some further progress in the labor market, thus leaving America with a rate lift in December.

On Friday, the Labor Department is going to issue its closely watched employment report, just four days before the November 8 presidential election.

The report will come on the heels of data the previous week, demonstrating acceleration in economic growth during the third quarter. However, economists don’t see a huge impact from the report on an increasingly bitter as well as divisive campaign.

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