U.S. Immigration Economy: Data released by the U.S. Department of Labor on the 6th shows that the U.S. job market has recovered to its best level since the financial crisis, increasing the likelihood that the Federal Reserve will initiate an interest rate hike in December.
Data shows that the U.S. non-farm unemployment rate in October fell from the previous 5.1% to 5%, reaching its lowest level since April 2008. The number of new jobs added increased by 271,000, significantly higher than market expectations. Adding more than 200,000 jobs is considered a sign of a healthy job market.
Federal Reserve Chair Janet Yellen testified before the U.S. House Committee on Financial Services on the 4th, stating that the Federal Reserve expects the U.S. economy to continue to grow, which will be sufficient to drive further improvement in the job market and achieve the goal of returning the inflation rate to 2% in the medium term. If future information supports this expectation, it will be possible for the Federal Reserve to initiate an interest rate hike this December.