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The <a href="https://coingape.com/us-job-openings-rise-beats-market-expectations/" rel="noopener noreferrer nofollow">U.S. labor</a> market slowed in October, with nonfarm payroll numbers rising by just 150,000, a significant departure from the robust growth experienced earlier in the year. The Department of Labor’s latest report revealed a downturn from September’s revised figure of 297,000. Additionally, the<a rel="noopener noreferrer nofollow" href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-11-03-2023/card/u-s-added-150-000-jobs-in-october-unemployment-rate-was-3-9--8Vah2tliD7C89PWUu3B2?mod=finance_lcmarkets_pos1"> unemployment rate saw</a> a slight uptick, rising from 3.8% to 3.9%.
Economists, who had anticipated a gain of 170,000 jobs, are digesting the implications of this slowdown. Despite the lower-than-expected growth, some analysts suggest the economy retains its resilience.
Selma Hepp, CoreLogic’s chief economist, emphasizes the enduring strength of the economy despite the tightening of financial conditions. Hepp forecasts a continued moderation in job gains yet expects wage growth to persist due to the mismatch between labor supply and demand.
<h2 id="strong-healthcare-job-growth-boosts-u-s-employment-strong">Healthcare Job Growth Boosts U.S. Employment</h2>
The recent labor data also unpacked changes across different sectors. Healthcare, government, and social assistance sectors saw job increases, which propelled the overall employment numbers. However, the manufacturing sector experienced a setback, shedding 35,000 jobs, largely due to the now-resolved United Auto Workers strike.
Moreover, the <a href="https://coingape.com/us-federal-reserve-keeps-interest-rate-steady-hints-future-hikes/" rel="noopener noreferrer nofollow">Federal Reserve’s recent</a> decision to maintain its benchmark interest rate reflects an intent to manage inflation without further rate hikes. Rubeela Farooqi of High-Frequency Economics points to a projected softening in the labor market and a general economic slowdown due to the Fed’s restrictive policy stance.
<h2 id="strong-wages-rise-slightly-despite-job-slowdown-strong">Wages Rise Slightly Despite Job Slowdown</h2>
Despite the deceleration in job growth, there was a modest uptick in wages. Average hourly earnings in October increased by 0.2%, registering a 4.1% rise from the previous year. Wages for nonsupervisory roles saw a consecutive monthly increase of 0.3%. These figures signal a steadily competitive labor market where employers might still feel the pressure to raise wages to attract and retain workers.
Earlier in the year, <a href="https://coingape.com/us-job-openings-record-lowest-in-two-years/" rel="noopener noreferrer nofollow">Coingape media reported a decline</a> in job vacancies, with numbers falling below 10 million for the first time in nearly two years. This trend indicated a softening in the demand for workers, though the labor market overall remained vigorous. Hence, the recent pullback in job growth aligns with a broader movement towards a more balanced employment landscape.
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The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/u-s-adds-150k-jobs-in-october-amid-economic-shift/">U.S. Adds 150K Jobs in October Amid Economic Shift</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

U.S. Adds 150K Jobs in October Amid Economic Shift

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