The unemployment rate rises to 3.9% - NFP

2023-12-06
Summary:

The United States added 150,000 nonfarm payrolls in October, and the unemployment rate rose to 3.9%, lower than expected.

NFP (Changes in non-farm payroll)


8/12/2023 (Fri)


Previous (Oct):150k Forecast: 175k


The US economy added 150k jobs, and the unemployment rate rose to 3.9% in Oct, according to data released Friday by the Labor Department.

It fell short of expectations after economists projected the US to add roughly 170k jobs and maintain a jobless rate of 3.8%.


The economy added 297,000 jobs – revised sharply down from 336,000 but still an impressive figure and far higher than had been expected.


But manufacturing jobs declining by 35,000 in October reflected a drop of 33,000 in the car industry and that was largely due to strike activity.


The United Auto Workers union said last Wednesday it is trying to unionize employees at 13 companies that build cars in the country after its remarkable victory over the Big Three.

NFP

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