While the closely watched October jobs report was strong by historical standards, it suggests a series of rate hikes by the Federal Reserve meant to cool the economy has, as yet, had only a limited impact on employers’ desire to hire more workers. The report shows employers added 261,000 jobs in October and the unemployment rate rose to 3.7% from 3.5% in September.
Several economists said Friday they think the Fed could slow the pace of rate hikes to a half-percentage point, rather than the three-quarters of a point increases it has been approving at recent meetings. “The bottom line here is that the labor market is softening, but has not yet reached the point where the data are screaming at the Fed to stop tightening,” said Ian Shepherdson, chief economist for Pantheon Macroeconomics.
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