The U.S. economy saw job creation decelerate in October, confirming persistent expectations for a slowdown and possibly taking some heat off the Federal Reserve in its fight against inflation.
Nonfarm payrolls increased by 150,000 for the month, the Labor Department reported Friday, against the Dow Jones consensus forecast for an increase of 170,000.
The unemployment rate rose to 3.9%, against expectations that it would hold steady at 3.8%.
Average hourly earnings, a key measure for inflation, increased 0.2% for the month, less than the 0.3% forecast, while the 4.1% year over year again was 0.1 percentage point above expectations.
Markets reacted positively to the report, with futures tied to the Dow Jones Industrial Average adding 100 points.
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