“U.S. Payrolls Rise, But Less Than Expected in October
October saw a relatively modest increase in US payrolls, with 150000 jobs being added to the economy. This number was short of the forecast, according to the Labor Department’s monthly report.
The private sector showed a modest increase of 132000 jobs, while the rest of the growth was filled in by government positions. Overall, this level of employment growth is below what is generally expected in a recovering economy, and could be a signal of an economic slowdown.
The unemployment rate was unchanged at 3.7%, an impressively low rate that has been locked in since July. The number of people actively looking for work increased slightly, by 200000. This is indicative of workers who had previously dropped out of the labor force now returning.
The wages paid to employed US workers rose slightly by 4 cents, which is a positive sign, as wages are often seen as one of the most important indicators of economic health. Hourly earnings rose 3.0% from a year earlier, which is the highest rate of increase since 2009.
Despite the good news on wages, the Labor Department report does signal that the US economy is slowing down. This could potentially lead to an even lower rate of job growth in the coming months.
Overall, the US payrolls increased by a smaller-than-expected amount in October. Meaning that the rate of economic growth is slowing, and wages are still going up. The unemployment rate remains low, although more people have started to actively look for work again. These results signal a slowdown in the recovery, raising concerns for the future growth of the US economy.
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