October Jobs Report Shows Slowing Job Growth and Rising Unemployment
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Nonfarm payrolls increased 150,000 in October, below expectations of 180,000, indicating slowing job growth.
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Unemployment rate rose to 3.9% from 3.8% in September.
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Auto worker strikes reduced manufacturing payrolls by 33,000 jobs in October.
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Wage growth cooled, with average hourly earnings up just 0.2% and 4.1% year-over-year.
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Job report signals easing labor market conditions, supporting expectations that the Fed is done raising interest rates for now.