November 4, 2022
This thing doesn’t fall of a cliff. It’s a grind into a slower backdrop.
Chief U.S. economist Tom Porcelli on the latest jobs data showing growth of 261,000 jobs.
- The unemployment rate ticked up slightly to 3.7% but remains historically low.
Why It Matters: While the job market showed growth, and September's numbers were also revised higher than previously reported, the data reflects the past (October) and not the future. Split analysis has emerged about the state of the job market. On the one hand, some point to the data as signs of a resilient job market like Amy Glasser of staffing and recruiting firm Adecco: “Everyone is anticipating at some point that we’ll start to see a shift in demand. But so far we’re continuing to see the labor market defying the law of supply and demand." But others like Mr. Porcelli, believe the overall trend is slower growth.
U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong
by Jenna Lee,
