US Labor Market Softening: October Nonfarm Payrolls Decline to 150,000, Below Wall Street Estimates

The pace of job gains weakened more than anticipated in October, indicating a shift after the robust hiring momentum observed during summer months.

U.S. employers added only 150,000 new non-farm payrolls last month, marking a significant slowdown from a downwardly revised figure of 297,000 in September, and falling short of expectations set at 180,000, according to the US Labor Department.

The unemployment rate ticked up from 3.8% to 3.9%.

During the most recent Federal Open Market Committee (FOMC) meeting, the Federal Reserve signaled that although job gains have moderated compared to earlier in the year, they remain robust, and the unemployment rate remains at historically low levels.

Wage growth decelerated, but the extent of the slowdown was less than predicted. The annual increase in average hourly earnings for October was 4.1%, down slightly from September’s 4.3%, but still above the expected 4%. On a monthly basis, wages increased by 0.2%, down from September’s 0.3%.

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Posted In: Macro Economic EventsEconomicsemploymentJobs Reportlabor marketNFPnon farm payrollsUnemployment
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