Job growth stayed strong in October


The U.S. added 261,000 jobs in October, "its fewest since December 2020," The Wall Street Journal reports Friday, per the U.S. Labor Department. The unemployment rate also rose to 3.7 percent.
The October report managed to demonstrate the economy's overall resilience, with jobs gains nonetheless beating economists' expectations despite the Federal Reserve's inflation-fighting interest rate hikes, The New York Times notes. The numbers also afforded voters' a "final glimpse" at the economy before next week's midterm elections, and "will almost certainly make [their] way into both parties' closing pitches ... ."
But the Fed, which is working to cool the economy and combat decades-high inflation, "will take little comfort from the report," the Journal writes, per economist Augustine Faucher. Yes, there are some signs of economic slowdown, but nothing yet pronounced enough to appease the central bank. For one thing, wage growth is still an inflationary pain point, despite having moderated slightly.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"Even though the labor market is strong, this means that a recession is more likely rather than less because it means the Fed is going to end up raising rates even more," Faucher told the Journal.
"What I see in this [report] is the imprint of beginning weakness," Diane Swonk of KPMG, told the Times. "But it's not enough to derail the Fed."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
America's academic brain drain has begun
IN THE SPOTLIGHT As the Trump administration targets universities and teachers, educators are eying greener academic pastures elsewhere — and other nations are starting to take notice
By Rafi Schwartz, The Week US Published
-
Why is Musk targeting a Wisconsin Supreme Court race?
Today's Big Question His money could help conservatives, but it could also produce a Democratic backlash
By Joel Mathis, The Week US Published
-
How to pay off student loans
The explainer Don't just settle for the default repayment plan
By Becca Stanek, The Week US Published
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
By Peter Weber, The Week US Published
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published