Mixed Signals: U.S. Job Growth Slows in October, Impacting Hiring Trends in Key Industries

Job growth in the US slowed in October, with employment rising by 150,000, compared to the strong September surge and the 258,000 monthly average of the previous 12 months. The unemployment rate remained unchanged at 3.9%, and hourly wage growth cooled slightly. The National Association of Federally-Insured Credit Unions (NAFCU) believes that the labor market is cooling and that the Federal Reserve may consider a rate cut in early 2023. The October jobs report will be a key factor in the Fed's decision on interest rates in December. Construction hiring increased, reflecting the demand for new homes, but high mortgage rates are pushing the cost of purchasing a home higher, leaving many potential buyers on the sidelines.