{"id":2088920,"date":"2023-11-03T11:33:02","date_gmt":"2023-11-03T15:33:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-job-growth-misses-expectations-in-october-as-labor-market-slows\/"},"modified":"2023-11-03T11:37:37","modified_gmt":"2023-11-03T15:37:37","slug":"us-job-growth-misses-expectations-in-october-as-labor-market-slows","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-job-growth-misses-expectations-in-october-as-labor-market-slows\/","title":{"rendered":"US job growth falls short of expectations in October as labor market weakens."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-job-growth-misses-expectations-in-october-as-labor-market-slows%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2088920&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<p><span class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2\" data-testid=\"Text\">By <\/span>Lucia Mutikani<\/p>\n<p>1:48 PM\u2062 UTC \u2013 November 3, 2023<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>WASHINGTON (Reuters) \u2013 U.S. job growth slowed in October\u200b in part as strikes by the United Auto Workers (UAW) union against\u2064 Detroit\u2019s \u201cBig Three\u201d car makers depressed manufacturing payrolls, and the increase in \u200bannual wages was the smallest in nearly 2-1\/2\u200b years, pointing to an easing in labor market conditions.<\/p>\n<p>The \u200dLabor\u2064 Department\u2019s\u200d closely \u200bwatched employment report on Friday also showed the unemployment rate rising to 3.9% \u200clast month, the highest since January\u200d 2022, from 3.8 in September. The decline in the jobless rate was despite people dropping out of the labor \u2063force. Also \u2063suggesting slowing labor market \u200cmomentum, the economy added 101,000 \u200cfewer jobs \u200bin August and September than previously estimated.<\/p>\n<p>The report \u200bstrengthened financial market expectations that the Federal Reserve is done raising interest rates for the current\u2064 cycle. The U.S. central bank held rates unchanged on Wednesday but left the door open to a further increase in borrowing costs in a nod to the economy\u2019s resilience.<\/p>\n<p>\u201cThis is\u200b a very Fed-friendly report,\u201d said Sal \u2064Guatieri, \u2062a senior \u200beconomist at BMO Capital Markets in Toronto. \u201cThe only wrinkle is that\u2062 the labor force shrank. Still, the overall\u200c softness in\u2062 the report will go a long way \u2064to \u200ckeeping the Fed \u200bon the sidelines for a third straight \u2063meeting in December.\u201d<\/p>\n<p>Nonfarm payrolls increased by 150,000 jobs last month, the Labor Department\u2019s Bureau of Labor Statistics said in its \u2064closely watched employment report \u200con Friday. Data for\u200b September was \u200drevised lower to show \u200b297,000 jobs\u2062 created instead of 336,000 as previously reported. Economists \u2064polled by Reuters had\u200b forecast payrolls rising 180,000.<\/p>\n<p>Manufacturing employment\u200d dropped 35,000, with the UAW strike at Ford Motor (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) factories as well as at \u2064Mack \u200cTrucks plants, subtracting 33,000 jobs\u200d from payrolls.<\/p>\n<p>In addition to the industrial action, which has since ended, the\u2064 slowdown in employment gains last month was pay-back after \u200dSeptember\u2019s large gains.\u200d The payrolls \u200ccount\u200c was also likely impacted technical factors, related to the model used to strip out\u2062 seasonal fluctuations from data.<\/p>\n<p>Payrolls gains remain way above the roughly 100,000 jobs per month needed to keep up with growth in the working-age\u2063 population. Last month\u2019s increase in hiring was \u2062led\u200d by the healthcare sector, which\u2062 added 58,000 jobs,\u200d the bulk of them \u2063in ambulatory health care services, in line with recent \u2064trends.<\/p>\n<p>Employment in government increased by\u2063 51,000, returning to its pre-pandemic level. The rise in government payrolls was driven by local government hiring.<\/p>\n<p>Construction employment increased 23,000. There were also gains\u200d in social assistance as well as professional and business services payrolls.<\/p>\n<p>Leisure and hospitality employment rose 19,000, well below the monthly average of 52,000 the\u200b last 12\u200b months.<\/p>\n<p>There were job losses in the transportation and\u200b warehousing industry. Employment in the information industry\u2063 continued to be weighed down by an on-going strike in Hollywood.<\/p>\n<p>U.S. stocks opened higher. The dollar fell against a basket of currencies. U.S. Treasury prices rose.<\/p>\n<h4 class=\"wp-block-heading\">WAGE GROWTH COOLS<\/h4>\n<p>Average hourly earnings rose 0.2%\u200d after \u200cclimbing 0.3% in September. In the 12 months \u2064through October, wages \u200bincreased\u2062 4.1%, the smallest increase since June 2021, after rising 4.3% in September. \u200cThe labor market is the major force behind the\u200b economy\u2019s staying power, with gross domestic product recording an annualized growth pace of nearly 5% in the\u2064 third quarter.<\/p>\n<p>Though wage pressures are easing\u2063 because of a recent expansion of the \u200dlabor pool and\u2062 fewer \u2062people changing jobs, the annual growth in average hourly earnings remains\u2064 above the 3.5% that economists say is consistent with the Fed\u2019s\u200b 2% target.<\/p>\n<p>Wages have not been the main driver of inflation, but some economists worry that recent hefty contracts, including the ones scored\u2064 by the UAW, airline pilots and the union representing \u2064UPS workers, could complicate the \u2063Fed\u2019s fight against inflation.<\/p>\n<p>They argued that the recent surge in worker productivity would\u200b not be enough to offset the higher compensation as\u200d the economy was now predominantly services.<\/p>\n<p>But others disagreed, saying \u2064that the record-setting contracts would only become an \u200dissue for wage inflation if the Fed raised rates too\u200b high and choked off demand. They viewed the UAW contract as getting wages in the auto sector more aligned\u200d with the surge productivity during the COVID-19 pandemic.<\/p>\n<p>Reporting \u2062by Lucia MutikaniEditing by Nick Zieminski<\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>In the summer of 2020, the Black Lives\u2063 Matter\u2062 movement garnered national attention.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>House\u200c GOP leadership outlines agenda\u200d priorities with a new speaker at the helm. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Ohio voters cast their ballots\u200b here the\u200b results could <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ohio-voters-cast-their-ballots-where-results-could-change-abortion-access\/\" title=\"Ohio voters decide on abortion access.\">change state-wide abortion access<\/a>. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Thousands of people are \u200dexpected to attend a Free Palestine march in D.C. on \u2062Saturday, Nov 4th.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The British PM championed a series of landmark \u2063agreements after the first AI safety summit, but a global plan for overseeing the technology remains a long way\u2064 off.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Elon \u200bMusk\u2019s artificial \u2062intelligence startup xAI will \u2062release its first AI \u2062model \u200dto \u2062a select group\u200d on Saturday.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>PayPal added nearly $4 billion to its\u2064 market value \u2063after a pledge to \u2063turn \u201cleaner\u201d fired up investors.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>China\u2019s most <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/daily-feed-10-31-23\/\" title=\"Daily Feed 10\/31\/23: Latest news\">popular social\u200c media\u200b platforms announced<\/a> \u200dthat \u201cself-media\u201d accounts with more than 500,000 followers \u2063will be asked to display real-name information<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> How did the strikes by United Auto\u2062 Workers impact job growth in the U.S. in October?<\/h2>\n<p><span>  Title: U.S. Job Growth Slows\u200d in October, Wage Growth Cools<\/p>\n<p>Introduction:<\/p>\n<p>The U.S. labor market \u2063experienced\u200c a slowdown in \u200cjob growth during the month of October. This deceleration can be attributed, in part, to strikes by the United Auto Workers (UAW) union\u2064 against \u2062Detroit&#8217;s major\u2063 car manufacturers. Furthermore, the\u200c increase in annual wages was\u200c the smallest it\u200d has been in nearly two and a half years, signaling a \u2062potential easing in labor market conditions. These findings were revealed in \u200dthe closely watched employment report released by the Labor Department\u2064 on Friday.<\/p>\n<p>Jobless Rate and Labor Force:<\/p>\n<p>The unemployment\u2062 rate rose to 3.9% in October, the highest it has been since January 2022, compared to\u200c 3.8% in September. Interestingly, this increase occurred even as people dropped out of the \u200blabor force. \u2064Additionally, the report highlighted that the economy added 101,000 fewer jobs in August and September than previously estimated, suggesting \u2062a slowdown in labor market \u2064momentum.<\/p>\n<p>Impact on Federal Reserve:<\/p>\n<p>The employment report \u200dhas reinforced expectations in the financial market that \u2062the Federal Reserve has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/surge-in-producer-prices-highlights-reacceleration-in-us-inflation\/\" title=\"US inflation reaccelerates as producer prices surge.\">finished raising interest rates<\/a> for the current cycle.\u200c While \u200dthe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-job-growth-misses-expectations-in-october-as-labor-market-slows\/\" title=\"US job growth falls short of expectations in October as labor market weakens.\">central bank maintained interest rates \u200dunchanged<\/a>\u200d in its recent\u200d meeting, it left the possibility open for further increases in borrowing\u200d costs to acknowledge the resilience \u200bof the \u200ceconomy. Analysts believe that the \u200bsofter aspects of the report will influence the Fed to adopt a \u2062wait-and-see approach in their December meeting.<\/p>\n<p>Nonfarm Payrolls and Manufacturing Employment:<\/p>\n<p>The employment \u2063report revealed\u2064 that \u2064nonfarm payrolls increased by 150,000 jobs in October. However, this figure fell short of economists&#8217; expectations of a 180,000 increase. Manufacturing employment experienced a decline of 35,000\u200c jobs due to the strike by the UAW at major automotive\u2062 factories, including those of Ford, General \u200cMotors, \u200bChrysler parent Stellantis, \u200band Mack Trucks.<\/p>\n<p>Other Employment Trends:<\/p>\n<p>The report showed that employment gains in other sectors remained above the level \u2064needed to\u2062 sustain\u200b growth in the working-age population. The healthcare sector added 58,000 jobs, predominantly in ambulatory health \u200bcare services, while government employment increased by 51,000, returning to pre-pandemic levels. Construction, social assistance, and professional and business services also saw job gains. However, the leisure\u2062 and hospitality sector only added 19,000 jobs, significantly below the monthly average of 52,000 over the\u2064 past 12 months.<\/p>\n<p>Impact on Wages:<\/p>\n<p>Average hourly earnings rose by 0.2% in<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. job growth in October was hindered by strikes from the UAW union, impacting manufacturing payrolls. Annual wage increase was the smallest in almost 2.5 years, indicating a slowdown.<\/p>\n","protected":false},"author":1911,"featured_media":2088921,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2088920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2088920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2088920"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2088920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2088921"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2088920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2088920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2088920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}