October Jobs Report Forecasts Call for Softening Labor Market ...

Nov 1, 2023 · Forecasts for the October jobs report predict a slowdown in hiring and wage growth, which analysts say will set the economy on a more sustainable path in the months ahead. But …

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FAQs about October Jobs Report Forecasts Call for Softening Labor Market ... Coupon?

Is a soft October job report a sign of cooling economy?

Note: Earnings data is seasonally adjusted. The soft October jobs report — with a moderate gain in employment, a rise in unemployment and relatively slow wage growth — is likely to be welcomed by Federal Reserve officials as long-awaited evidence that the economy is cooling. ...

Is a softening job market a good idea?

A softening job market may not be great for those looking for work, but that's what needs to happen for the pace of interest rate hikes to slow down. Next week could prove to be an exciting one for the markets. We have the midterm elections on Tuesday and the CPI report for October on Thursday. ...

Will Fed officials look through the October jobs report?

“We think that Fed officials will be inclined to look through some of that noise in the October jobs report, and they will rely on all the labor market data that we’ve been getting, which is pointing to an environment where we have cooler labor market dynamics and ongoing wage growth disinflation.” ...

Does the Fed need a softening job market?

There probably needs to be more loosening in the job market before the Fed reduces its interest rate hike pace. A softening job market may not be great for those looking for work, but that's what needs to happen for the pace of interest rate hikes to slow down. Next week could prove to be an exciting one for the markets. ...

How did October's job growth compare to September?

October’s job growth came in below September’s stronger-than expected but downwardly revised total of 297,000 jobs. The unemployment rate ticked higher to 3.9% from 3.8%. ...

Does the jobs report show continued normalization in the labor market?

“The jobs report provides ample evidence of continued normalization in the labor market, with October numbers falling in line with pre-pandemic growth, as well as an expected downward revision to the gains estimated in August and September,” said Noah Yosif, lead labor economist at UKG. ...