US Job Growth Cooled in October

4 months ago
US Job Growth , Cooled in October.
In its payroll report released on Nov. 3,
the Labor Department said 150,000 jobs
were added by employers in October.
The number fell short of economists'
expectations of 180,000 jobs, Fox News reports.
The unemployment rate rose to 3.9%,
which was unexpected.
That percentage represents the
highest unemployment rate in almost
two years, according to Fox News.
Winter cooling is hitting the labor
market. Employers and employees
are hunkering down for cooler months
with hiring solid yet stabilizing, Becky Frankiewicz, chief commercial officer
of ManpowerGroup, via Fox News.
Average hourly earnings rose 0.2%
for the month, which was below estimates. .
The overall weakening in
employment demand and wage
growth supports our view that the
Fed is done raising rates for this cycle, Kathy Bostjancic, Nationwide chief economist, via Fox News.
Moreover, it supports our forecast
for a mild recession to unfold
in the first half of 2024, Kathy Bostjancic, Nationwide chief economist, via Fox News.
The latest jobs report suggests that cracks are
beginning to appear within the historically-tight
labor market, according to Fox News.
The October jobs report showed
a clear softening in labor market
conditions with markedly slower hiring,
cooling wage growth, an uptick in the
unemployment rate and a shorter workweek, Lydia Boussour, EY chief economist, via Fox News.
Looking ahead, we foresee softer
labor market conditions with further
hiring freezes and strategic resizing
decisions along with some continued
moderation in nominal wage growth, Lydia Boussour, EY chief economist, via Fox News

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