US Adds 261,000 Jobs in October, Moderate but More Than Expected
The U.S. added 261,000 jobs in October, the Bureau of Labor Statistics reported Friday. The civilian unemployment rate ticked up from 3.5% in September to 3.7% in October.
Key Quotes: “Notable job gains occurred in health care, professional and technical services, and manufacturing,” the BLS report explained. The report also said Hurricane Ian, which killed over 130 people as it hit Florida and South Carolina, “had no discernible effect on the national employment and unemployment data for October.” A separate report noted that productivity increased 0.3% in the third quarter of 2022 — but remained lower than it was one year ago.
For Context: The job gains were higher than expected but still moderate compared to September’s 263,000 new jobs. Employment has been a major factor in the Federal Reserve’s evaluation of the economy, as it tries to tackle persistent high inflation by slowing down economic activity without triggering a recession.
How the Media Covered It: Coverage sometimes differed in its analysis of the job numbers. Fox Business (Lean Right bias) called them “solid,” making the “Fed's inflation fight harder,” but Reuters (Center bias) emphasized that the numbers were the “smallest in nearly two years,” which it said suggested “some loosening in labor market conditions” and could “allow the Federal Reserve to shift towards smaller interest rates increases.”
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From the RightUS adds 261,000 jobs, unemployment ticks to 3.7% in October
US hiring remained strong in October, though the national unemployment rate ticked higher than expected in a trend that could affirm the Federal Reserve’s move toward smaller interest rate hikes at a pivotal meeting next month.
Employers hired at a robust clip, adding a higher-than-expected 261,000 jobs last month, according to Labor Department data. Prior to the announcement, economists had expected employers to add 205,000 jobs.
The US unemployment rate ticked upward to 3.7% — worse than the 3.5% rate economists projected. However, the rate is still hovering near a five-decade low.
From the LeftJobs report: U.S. payrolls grew by 261,000 in October, unemployment rate rises to 3.7%
The U.S. economy added more jobs than expected in October even as the Federal Reserve pressed on with the central bank's most aggressive monetary tightening campaign in decades.
Here are the highlights from the Labor Department's monthly jobs report released Friday, compared to consensus estimates from Bloomberg:
From the CenterU.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong
Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a relatively strong labor market.
Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.
Although the number was better than expected, it still marked the slowest pace of job gains since December 2020.
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