U.S. Economy Added 150,000 Jobs in October

U.S. hiring slowed to 150,000 jobs in October. The unemployment rate rose to 3.9%..

Economists surveyed by The Wall Street Journal had estimated employers added 170,000 jobs in October, down from a surprisingly strong 336,000 new jobs in September. The strike against Detroit automakers could account for some of the decline because striking workers aren’t counted on payrolls. Economists had expected the unemployment rate holding steady at 3.8%.

Easing hiring and wage growth could be a sign that the economy is starting to slow after a red-hot summer. On Wednesday, Federal Reserve Chair Jerome Powell pointed to the cooling labor market as one reason the central bank might not need to raise rates further. The Labor Department is set to release the October employment report at 8:30 a.m. Eastern time Friday.