Six months of incremental softening of the job market has firmed up to something tangible: the number of people continuing to file for unemployment was the highest it’s been in almost two years.
Average hourly earnings rose 4.1% year-over-year in October; the rate peaked near 6% in March 2022. The slowdown in wage growth is helping the Fed wrestle inflation lower.
“This particular job, one of the reasons I took it is because I knew that you’d never stop learning, and I find that really exciting,” said Violet O’Brien, a notary in Houston.