October jobs data indicate economy is slowing

Job growth showed signs of cooling as October data fell short of expectations, adding only 150,000 positions compared to the projected 170,000. Payrolls saw a sharp decline from the September gain of 297,000.

The data suggests a showdown in the economy.

While healthcare and government sectors saw an uptick in employment, manufacturing strikes weighed down the numbers.

Average hourly earnings also lagged behind expectations. It grew at 0.2% in October.

The unemployment rate went up slightly in October to 3.9%, the highest since January 2022.

Treasury yields also dipped, signaling a shift in Federal Reserve policy.

Despite these indicators, stock futures exhibited a positive surge, with Dow Jones, Nasdaq, and S&P 500 futures all showing gains.