The number of new jobs created each month has been trending down for the past year — but there is also a good amount of positive data in the latest report.
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.
People are scanning today’s jobs report for signs of slower job creation and greater wage gains — as unemployment claims hover near pre-pandemic lows, and companies announce fewer layoffs.