U.S. Job Growth Slows in October, Unemployment Rises as Labor Market Shows Signs of Cooling

U.S. job growth slowed more than expected in October to 150,000, below the 180,000 forecast, as the unemployment rate rose to 3.9%.

August and September job growth were revised down by 101,000 jobs, suggesting the labor market is weaker than it appeared.

Average hourly earnings rose 0.2% and remain up 4.1% annually, coming in below estimates in a welcome sign for the Fed.

Job gains were broad-based but declined in manufacturing, reflecting the UAW strike against automakers.

Cracks are appearing in the tight labor market with slower hiring, cooling wage growth, and more unemployment.