October was another strong month for the US labor market even as recession fears for next year continue.
The country added 261,000 payrolls in October, according to data r The preliminary estimate for October declined below September’s gain, which was revised from 263,000 to 315,000. The final reading for August was revised from 315,000 to 292,000. The unemployment rate was 3.7% in October, up from September’s 3.5% rate. That exceeds the 3.6% that economists surveyed by Bloomberg expected. Friday’s job report follows the Fed’s recent jumbo hike in interest rates for the fourth time in a row. And another rosy report about the US gross domestic product, like the one seen for the third quarter of 2022, may be out of the picture in coming quarters. Despite Americans and businesses worrying about a looming recession, the labor market is still robust, which can be beneficial amid these fears. According to David Kelly, chief global strategist at JPMorgan Asset Management, there are some ways the US can dodge a recession.
