U.S. job growth slowed more than expected in October, a sign the labor market is finally softening in the face of higher interest rates, stubborn inflation and other economic uncertainties.
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 highest level in nearly two years. The pickup in the jobless rate suggests that layoffs are on the rise; the survey of households shows that the number of workers laid off rose in October by 92,000 from the previous month.
