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The numbers: The U.S. added a modest 150,000 new jobs in October in a sign of a cooling demand for labor, as higher interest rates take a bite out of the economy.
Economists polled by the Wall Street Journal had forecast 170,000 jobs. Employment likely would have grown by about 180,000 if not for the auto strike.
Stil, the pace of job creation slowed sharply from a downwardly revised 297,000 increase in September that now looks more like an aberration.
The unemployment rate, meanwhile, rose a tick to 3.9%, the government said Friday. That’s the highest level since the beginning of 2022.
Before the report, the Dow Jones Industrial Average
DJIA,
and S&P 500
SPX
were set to open mixed in Friday trades. The yield on the 10-year Treasury
BX:TMUBMUSD10Y
dropped to 4.56%.
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