US job growth cools sharply in October as economy adds just 150K payrolls
FreedomWorks senior economist Steve Moore provides insight on the state of the economy on 'Making Money.'
U.S. job growth cooled more than expected in October, a sign the labor market is finally softening in the face of higher interest rates and stubborn inflation.
Employers added 150,000 jobs in October, the Labor Department said in its monthly payroll report released Friday, missing the 180,000 jobs forecast by Refinitiv economists.
The unemployment rate, meanwhile, unexpectedly ticked up to 3.9%.
The report also contained steep downward revisions to job growth at the end of the summer. Gains for August and September were revised down by a total of 101,000 jobs to a respective 165,000 and 297,000, the government said, suggesting that the labor market is weaker than it previously appeared.
This is a developing story. Please check back for updates.
Read more on foxbusiness.com
