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Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a strong labor market.
Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.
Although the number was better than expected, it still marked the slowest pace of job gains since December 2020.
The column chart shows the total jobs created in the U.S. each month from October 2021 through October 2022.
250K500K750KOct2021Jan2022AprJulOct
677K
647K
588K
504K
714K
398K
368K
386K
293K
537K
315K
263K
261K
Note: As of Nov. 4, 2022 Chart: Gabriel Cortes / CNBC Source: Bureau of Labor Statistics via FRED
Average hourly earnings grew 4.7% from a year ago and 0.4% for the month, indicating that wage growth is still likely to serve as a price pressure as worker pay is still well short of the rate of inflation. The yearly growth met expectations while the monthly gain was slightly ahead of the 0.3% estimate.
Stocks rose following the nonfarm payrolls release, while Treasury yields also were higher.
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