Jobs Report Shows Payrolls Grew 261,000 in October
Unemployment rate rose to 3.7%; labor-force participation rate fell slightly
The U.S. labor market remains strong but is showing more signs of cooling following the Federal Reserve’s aggressive interest-rate increases aimed at combating high inflation.
Employers added a seasonally adjusted 261,000 jobs in October, a robust number but the fewest since December 2020, and the unemployment rate rose to 3.7%, the Labor Department said Friday. Wage gains in October ticked up from the previous month. On an annual basis, however, wage increases have eased, a possible sign of loosening in the labor market.