Insignia Consultants | US job growth misses expectations in October as labor market slows
US job growth misses expectations in October as labor market slows
WASHINGTON, Nov 3 (Reuters) - U.S. job growth slowed in October in part as strikes by the United Auto Workers (UAW) union against Detroit's "Big Three" car makers depressed manufacturing payrolls, and the increase in annual wages was the smallest in nearly 2-1/2 years, pointing to an easing in labor market conditions.
The Labor Department's closely watched employment report on Friday also showed the unemployment rate rising to 3.9% last month, the highest since January 2022, from 3.8 in September. The decline in the jobless rate was despite people dropping out of the labor force. Also suggesting slowing labor market momentum, the economy added 101,000 fewer jobs in August and September than previously estimated.
Nonfarm payrolls increased by 150,000 jobs last month, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday. Data for September was revised lower to show 297,000 jobs created instead of 336,000 as previously reported. Economists polled by Reuters had forecast payrolls rising 180,000.
Manufacturing employment dropped 35,000, with the UAW strike at Ford Motor (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) factories as well as at Mack Trucks plants, subtracting 33,000 jobs from payrolls.
