Yahoo Finance anchors Brad Smith and Akiko Fujita break down the jobs report for October 2023.
The US economy added 150,000 jobs in October while the unemployment rate ticked higher to 3.9% indicating signs of a slowing labor market after a robust September report.
Economists surveyed by Bloomberg had expected 180,000 jobs were added in October while also projecting the unemployment rate would remain flat.
The Bureau of Labor Statistics cited a decline in manufacturing due to “strike activity,” amid the United Auto Workers strike across plants at three major auto manufacturers. Employment in the manufacturing sector decreased by 35,000 in October due to the strike activity, per BLS. Earlier this week, the UAW reached a tentative deal with the automakers to end the strikes.
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The number 1 source of misinterpreted data and disseminator of disinformation – that’s aYahoo Finance!
The 200k Boomers that retire every month are leaving a truck size hole in the labor market,
and are causing wages to go up. The new replacements for mid management are not putting
up with awful/bad top management any more (another trend that recruiters have noticed).
Gawd bless Murica 🤓🖕