AssetID: 53184235
Headline: UNCAPTIONED: US Job Growth Cooled in October
Caption: US Job Growth Cooled in October. In its payroll report released on Nov. 3, the Labor Department said 150,000 jobs were added by employers in October. The number fell short of economists' expectations of 180,000 jobs, Fox News reports. The unemployment rate rose to 3.9%, which was unexpected. That percentage represents the highest unemployment rate in almost two years, according to Fox News. "Winter cooling is hitting the labor market. Employers and employees are hunkering down for cooler months with hiring solid yet stabilizing." Becky Frankiewicz, chief commercial officer of ManpowerGroup, via Fox News. Average hourly earnings rose 0.2% for the month, which was below estimates. "The overall weakening in employment demand and wage growth supports our view that the Fed is done raising rates for this cycle." "Moreover, it supports our forecast for a mild recession to unfold in the first half of 2024.", Kathy Bostjancic, Nationwide chief economist, via Fox News. The latest jobs report suggests that cracks are beginning to appear within the historically-tight labor market, according to Fox News. "The October jobs report showed a clear softening in labor market conditions with markedly slower hiring, cooling wage growth, an uptick in the unemployment rate and a shorter workweek." "Looking ahead, we foresee softer labor market conditions with further hiring freezes and strategic resizing decisions along with some continued moderation in nominal wage growth.", Lydia Boussour, EY chief economist, via Fox News. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: US,United States,America,Job growth,positions,employment,employees,work,workers,employers,economist,economy,hiring freezes,labor market
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