US job growth exceeds expectations in October despite economic uncertainty
Source: The Guardian ·
‘Low-hire, low-fire’ labor market shows sluggish growth but few layoffs, with an interest rate hike expected in DecemberThe US added 165,000 jobs to the economy in October, a sign of resilience in the labor market amid ongoing war in the Middle East and inflation, according to new data released on Friday.Economists had said the labor market has been stuck in a “low-hire, low-fire” state, in…
From the source
The US added 165,000 jobs to the economy in October, a sign of resilience in the labor market amid ongoing war in the Middle East and inflation, according to new data released on Friday. Economists had said the labor market has been stuck in a “low-hire, low-fire” state, in which job growth is sluggish but layoffs also remain low, but October’s data surpassed economist expectations. The unemployment rate went down slightly to 4.1%, the Bureau of Labor Statistics (BLS) reported. Average hourly earnings increased at an annual rate of 3.1%, slightly higher than last month. Inflation over the last few months has largely outpaced the growth in wages – what often leads people to feel they are spending even more to buy essentials. In September, the annualized inflation rate was 3.7%. Initial figures for August and September were also revised up by a total of 84,000 jobs. Job growth was seen in healthcare, transportation, warehousing and manufacturing. Other data released earlier this week…
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