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MNI BRIEF: US Oct Hiring Slows More Than Expected, U-Rate 3.9%

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U.S. employers added fewer jobs than analysts expected in October and hiring for the two prior months were revised lower, while the unemployment rate ticked higher to 3.9%, the Bureau of Labor Statistics said Friday, evidence that the economy is slowing under restrictive monetary policy.

Nonfarm payrolls increased 150,000 last month against expectations for a 180,000 gain, and September and August totals are now 101,000 lower than previous estimates, bringing the three-month average payroll gain to 204,000. October job gains were led by health care (58,000) and government (51,000). The United Auto Workers strike subtracted 33,000 jobs in October, the BLS noted. (See: MNI INTERVIEW: Cyclical Job Growth Slowing -Fed's Robertson)

The unemployment rate came in a tenth higher than expected as the participation rate fell a tenth to 62.7%. Average hourly earnings rose 0.2% over the month and 4.1% over the year, in line with expectations. The three-month pace of average hourly earnings growth at 3.2% annualized faded from what is now 4% as of September, which was previously estimated to have been 3.4%.

Source: U.S. Department of Labor

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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