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Jobs Data Fits Powell's View of No Softening in Labor Market Just Yet

  • Notable job gains occurred in health care, professional and technical services, and manufacturing. Hurricane Ian had no discernible effect on the data.
  • Employment-population ratio, at 60.0 percent was about unchanged in October and have shown little net change since early this year.
  • Early signs of labour market adjustments due to housing market slowdown: "gains in insurance carriers and related activities (+9,000) and in securities, commodity contracts, and investments (+5,000) were partially offset by a job loss in rental and leasing services (-8,000).
  • A generally stronger-than-forecast report, and certainly infitting with Powell's view on Wednesday that he doesn't "see the case for real softening [in the jobs market] just yet".
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