Unemployment also rises from 3.5% to 3.7%.
On Friday, the U.S. Labor Department reported that 261,000 jobs were added to the U.S. economy in October. At the same time, the unemployment rate rose to 3.7 percent from 3.5 percent in September.
While employers continue to hire workers, job growth has slowed. The increase in jobs was higher than economists had projected, though slower than the pace of the previous month.
Despite layoffs in some sectors, including technology, market indicators suggest that employers are generally in need of workers and trying to hold onto staff.
As the Lord Leads, Pray with Us…
- For Labor Secretary Walsh to seek God’s guidance as he oversees the agencies within his department.
- For Commissioner William Beach as he manages the gathering and reporting of labor statistics.
- For administration officials as they assess and attempt to support the nation’s economy.
Sources: Wall Street Journal, Axios
