This number, and the stock market reaction, are not what the Fed is looking for so look for further tightening. And for the retail investing guys to start their preemptive "Make it stop, it hurts, it hurts."
With maybe a bit of "I care so deeply for the last-hired, first-fired people—granted I said nothing as their inflation-adjusted earnings were crushed since January 2021—but I care deeply."
From CNBC:
- Nonfarm payrolls grew by 261,000 in October, better than the estimate for 205,000.
- The unemployment rate moved higher to 3.7%, while a broader jobless measure also increased, to 6.8%.
- Big job gainers by industry included health care, professional and technical services, and leisure and hospitality.
- Average hourly earnings rose 0.4% for the month and were up 4.7% from a year ago.
Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a 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.
Average hourly earnings grew 4.7% from a year ago and 0.4% for the month, indicating that wage growth is still likely to pressure inflation. The yearly growth met expectations while the monthly gain was slightly ahead of the 0.3% estimate.
Health care led job gains, adding 53,000 positions, while professional and technical services contributed 43,000, and manufacturing grew by 32,000.
Leisure and hospitality also posted solid growth, up 35,000 jobs, though the pace of increases has slowed considerably from the gains posted in 2021. The group, which includes hotel, restaurant and bar jobs along with related sectors, is averaging gains of 78,000 a month this year, compared with 196,000 last year.....
....MUCH MORE
