Hiring across the U.S. continued to surge in October, highlighting that the nation's job market remains tight just days before the midterm elections.
on Friday, overshooting economists' expectations of about 200,000. The government also said 30,000 more jobs were created in August and September than earlier estimates."The labor market is showing tentative signs of the effects of the Fed's tightening campaign. But the dynamism and competitive nature of the jobs market shows little change in the tightness of labor," Ben Emons of Medley Global Advisors wrote in a research note.
Hiring was broad-based, with professional and business services adding 39,000 jobs, manufacturing adding 32,000, leisure and hospitality adding 35,000 and government adding 28,000.. Polls show most Americans believe the country is in recession, while inflation remains near a 40-year high, outpacing wage growth and squeezing household budgets.
But although payrolls grew faster than expected last month, other signals in the latest employment report were less positive. The labor participation rate, a measure of workers who are employed or looking for a job, declined.The government's monthly jobs report is derived from two separate surveys: A survey of employers that yields the payroll figure, and one of households that yields the unemployment rate.
"The October employment report had something for everyone, with payrolls pointing to continued strong employment gains while the household survey showed a sharp fall in employment and a rise in unemployment," Michael Pearce, senior U.S. economist with Capital Economics, said in a report.The technology sector — which for years has been an engine of job growth as well as a bellwether for other industries — is showing signs of gearing down.
Wage growth decelerated in October, with average hourly pay growing 4.7% over the previous 12 months — down from a peak of 5.6% in March.
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