Job Growth Slows in October While Unemployment Holds Steady
-
Job growth slowed in October with 150,000 new jobs added, down from September and below the 12-month average of 258,000. Healthcare, government, and social assistance drove growth.
-
The unemployment rate held steady at 3.9% in October. It has ranged from 3.4% to 3.9% since March.
-
Hourly wage growth cooled slightly, rising 4.1% over the past year compared to 4.2% the previous month.
-
The report signals the Federal Reserve may hold off on further rate hikes at its December meeting as the labor market cools.
-
Construction job growth reflects increased homebuilding, but high mortgage rates are pushing would-be buyers to rent instead of buy.