The US economy added 150,000 jobs in October, lower than expected

The US economy added 150,000 jobs last month, falling below expectations but still notching a solid month of employment growth, according to Bureau of Labor Statistics data released Friday.

October’s job growth came in below September’s stronger-than expected but downwardly revised total of 297,000 jobs.

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

The resiliency of the labor market has helped to keep consumer spending strong and the economy churning, but Federal Reserve officials are hoping for more of a slowdown in order to help rein in inflation.