Headline Roundup • November 3rd, 2023
Job Growth Slowed in October
Summary from the AllSides News Team
The U.S. economy added 150,000 jobs in October, roughly half the number of jobs added in September.
The Details: Industries with the biggest job gains were healthcare (58,000 added), government services (51,000), construction (23,000), and social assistance (19,000), according to the Bureau of Labor Statistics. The unemployment rate rose to 3.9%, and the labor force participation rate was at 62.7%. The United Auto Workers strike is said to have lowered the job numbers by around 30,000 for October.
How the Media Covered it: CNN Business (Lean Left bias) said the economy fell "below expectations" while "still notching a solid month of employment growth." Washington Examiner (Lean Right bias) said the report reflected "a slowdown in the labor market" that "will complicate some of the messaging coming out of the White House, which has been working to credit President Joe Biden for the strong job creation over the past year."
Why the Difference? Right-rated outlets are generally more critical of the economic situation under President Joe Biden than left-rated outlets are.
Featured Coverage of this Story
ALLISON JOYCE/BLOOMBERG NEWS
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...
The economy added just 150,000 jobs in October, reflecting a slowdown in the labor market as the Federal Reserve keeps interest rates high to try to bring down inflation.
The headline job growth number in Friday’s employment report from the Bureau of Labor Statistics was less than most economists had projected. It was also well below September's gain of 297,000 jobs, after revisions. August's job creation was also revised down, meaning that there were 101,000 fewer jobs added in those two months than previously thought.
The unemployment rate rose a tenth of a percentage point to...
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.
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