October Jobs Report Expected to Show More Modest Gains, But Labor Market Remains Strong Despite Strikes and Signs of Cooling

October jobs report expected to show more modest job growth of 180,000 after September's surprise spike of 336,000. Unemployment rate expected to remain steady at 3.7%.

Massive strikes by auto, entertainment and healthcare workers could distort October's jobs data. Nearly 50,000 workers were on strike in October.

If October job growth hits 180,000 forecast, it would match pre-pandemic monthly average of 183,000 from 2010-2019. Recent job gains still far exceed pre-pandemic norms.

Labor market remains strong but showing signs of cooling off and normalizing as job churn steadies and layoffs decline. Job openings still high but other measures of turnover little changed.

Weekly jobless claims ticking higher but remain low by historical standards, indicating still-solid labor market. Layoffs down in October for 2nd lowest month this year.