Summary
The U.S. job market experienced a slow down in October, but it did not collapse. Data indicates the unemployment rate has slightly increased, but the overall job situation remains stable with private-sector jobs seeing some growth.
Key Facts
- The U.S. job market slowed down in October, but it is not collapsing.
- The unemployment rate rose slightly to 4.36% in October.
- Weekly unemployment claims were 229,000, slightly higher than the previous week.
- Private-sector jobs grew by 42,000 in October, according to ADP.
- Federal employment likely decreased due to the "deferred resignation program".
- Job postings on Indeed fell to the lowest in four years by the end of October.
- Wage growth did not keep up with inflation, with a rate of 2.5%.
- Consumer expectations anticipate higher unemployment in the future, according to the New York Fed.
