The numbers: The U.S. added a modest 150,000 new jobs in October in a sign of a cooling demand for labor, as higher interest rates take a bite out of the economy.
The unemployment rate, meanwhile, rose a tick to 3.9%, the government said Friday. That’s the highest level since the beginning of 2022. Manufacturers showed a decline of 33,000 jobs, but that was entirely because of the United Auto Workers strike against GM GM, +2.86%, Ford F, +2.32% and Stellantis STLA, +3.54%.See where all the jobs are with MarketWatch’s interactive tool
Higher labor-force participation can also help reduce inflation. When more people look for work, companies don’t have to raise wages as much. So long as most people are working and spending money, the U.S. is likely to avoid a recession, but if business sales and profits slow much further, companies are more likely to lay off workers and put the current economic expansion at risk.
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