BREAKING NEWS: October Payrolls Moderate, Unemployment Ticks Up

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October Payrolls Moderate,
Unemployment Ticks Up

U.S. employers added 150,000 new jobs in October, after surging to a revised 297,000 new jobs in September, according to the latest employment report from the U.S. Bureau of Labor Statistics (BLS). Economists anticipated moderation in employment growth after September's enormous gain, the largest in eight months.

October job growth occurred in health care, government and social assistance. Manufacturing payrolls were tamped down by 35,000 because of the United Auto Workers strikes targeting the "Big Three" U.S. auto makers Ford, General Motors and Stellantis.

The unemployment rate increased to 3.9 percent. For much of the past 18 months, the unemployment rate has drifted between 3.4 percent and 3.8 percent, a historically low range.

Earlier this week the BLS reported that job openings increased by 9.55 million in September, resulting in 1.5 available jobs for every unemployed job seeker, and layoffs fell to a 9-month low, pointing to persistent labor market tightness.

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