The U.S. economy continues to add jobs at a robust pace and nonfarm payrolls expanded and wages rose in October, despite multiple rate increases this year.
Private sector job growth picked up in October after the service sector added jobs at a brisk pace. Travel, hospitality and entertainment companies led the job additions.
Pending home sales plunged 31% from a year ago after sellers and buyers stayed away. Sales in the West plunged 39% and in the South and Northeast fell 30% and in the Midwest declined 27% from a year ago.
U.S. GDP accelerated to 2.6% annual rate in the third quarter after net international trade and business investment improved and consumer spending held up.
Monthly net new job additions are declining after months of large-sized rate hikes and withdrawal of the liquidity by Fed. However, labor market conditions remain tight as businesses continue to add jobs at a slower but brisk pace.
