US jobs growth solid but slowing amid inflation fight

Jobs growth in the US is continuing at a solid, though slowing pace, despite rising prices and higher borrowing costs weighing on the economy.

Employers added 261,000 jobs in October, while the unemployment rate rose slightly to 3.7%, the US Labor Department said on Friday.

The news comes as the economy remains a top concern for voters ahead of next week's midterm elections.

Democrats have argued that the US economy is sound.

Job gains have been steady and unemployment remains low, despite edging higher from 3.5% in September.

But consumer prices are rising at a pace not seen since the early 1980s, up 8.2% over the 12 months to September.

While the rate has slowed since June as motor fuel prices fall, the cost of groceries, medical bills and many other items continues to climb.

"People are depressed and often people vote with their pocketbooks," said Beth Ann Bovino, chief US economist at S&P Global Ratings. "Inflation is almost everywhere. People are squeezed at the checkout stand, they're squeezed with their rental payments, when they try to buy a home."