Labor Market Added 261,000 Jobs In October As Unemployment Climbed To 3.7%

Though the unemployment rate ticked up to 3.7%, the labor market last month added a much stronger-than-expected 261,000 jobs—signaling that the labor market, which has remained one of the economy’s strongest pillars during the pandemic recovery, may still not be cooling quickly enough for the Federal Reserve to ease up on interest rate hikes despite growing waves of layoffs.Key Facts

Job gains in October were lower than the 315,000 new jobs in September but much better than the 205,000 new jobs economists were expecting, according to dataMeanwhile, the unemployment rate ticked up to 3.7%—coming in higher than expectations calling for it to remain flat at 3.5%—as the number of unemployed people climbed by 306,000 to 6.1 million.

So there Jerome Powell !

I wish I could work 2, 3 jobs at once...

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