US job growth seen accelerating; strong annual wage gain expected

People wait in line at a stand during the Executive Branch Job Fair hosted by the Conservative Partnership Institute at the Dirksen Senate Office Building in Washington, US, June 15, 2018. [Photo: Reuters]

WASHINGTON - US job growth likely rebounded in October, with wages expected to have recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December.

The Labor Department’s closely watched monthly employment report on Friday is also expected to show the unemployment rate steady at a 49-year low of 3.7 percent. Sustained labor market strength could ease fears about the economy’s health following weak housing data and stalling business spending.