U.S. job growth remained stubbornly robust in October despite higher interest rates, defying policymakers’ efforts to dampen the labor market and curb the fastest inflation in generations, reports The New York Times.

Employers added 261,000 jobs last month on a seasonally adjusted basis, the Labor Department said November 4. That was down from 315,000 in September. The unemployment rate rose to 3.7 percent.

“All in all, the job market is still hot,” said Daniel Zhao, an economist at the career site Glassdoor. “There’s still some cushion before we actually hit the ground.”
Economists had expected a gain of 200,000 jobs.

The report offered a final glimpse of the economy before the midterm elections November 8, and it will almost certainly make its way into both parties’ closing pitches to voters.

Officials at the Federal Reserve have also been closely watching the labor market to assess whether their aggressive efforts to rein in inflation by raising interest rates are working.