Cooling job market no reason for panic yet, economists say: 'It's a slowdown, not a collapse'

U.S. job growth fell to 150,000 last month and unemployment rose to 3.9%, according to the U.S. Bureau of Labor Statistics' October jobs report.Despite a broad cooldown, the labor market has been resilient in the face of headwinds and there doesn't seem cause for panic yet, economists said.reported Friday. That was less than expected and a "substantial slowdown" from the 260,000 monthly average so far in 2023, said Julia Pollak, chief economist at ZipRecruiter.

For example, 18% of new hires reported getting a signing bonus in the third quarter, down sharply from 28% in Q2, according to a recent ZipRecruiter survey of new hires. Fifty-eight percent of new hires increased pay in their new roles, down from 65% the prior quarter. "On the surface it was a weak number, but this was clearly clouded by all of the strikes that were happening mid-month," Terrazas said.

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