Job Growth Slows in October as Labor Market Cools
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America added 150,000 jobs in October, lower than expected and below recent monthly averages, signaling the hot labor market may be cooling.
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The unemployment rate ticked up to 3.9% in October from 3.8% in September, driven by layoffs and new labor market entrants.
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Job gains occurred in healthcare, government, and social assistance, while manufacturing declined due to strikes.
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Wage growth rose slightly in October but appears to be decelerating from the past year's trend.
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The Federal Reserve will monitor the jobs data for signs of slowing inflation, but more evidence is likely needed before changing policy.