What to expect from Friday’s jobs report

Minneapolis CNN — Employers are growing more cautious, pulling down some job postings and reining in hiring . Employees are sticking around more and not bouncing as readily for better opportunities. Welcome to the wait-and-see job market. Some of those holding patterns are being reflected in the federal jobs reports that have shown employment growth remaining historically strong but moderating to a mere shadow of the blockbuster gains seen in the early years of the pandemic economic recovery. In October, US employers added a net 150,000 jobs , and the unemployment rate inched up to 3.9%, according to the Bureau of Labor Statistics. A similar story likely played out last month but with an added boost from striking autoworkers and actors returning to the workforce ( and BLS’ tallies ). Economists, by consensus, are expecting Friday’s jobs report, set for release at 8:30am ET, to show employment growth of 180,000 positions and for the jobless rate to hold steady at 3.9%, according to Refinitiv. “We’re expecting to see moderate growth,” Karin Kimbrough, LinkedIn’s chief economist, told CNN in an interview. “And if our own data is any predictor, we’re actually thinking that it’s going to be a slightly underwhelming number.” Workers back from strikes could boost numbers If November’s job gains come in as expected, that rate of growth would be in line with what was seen during the decade before the pandemic. From 2010 to 2019, a period that included a record-setting 100 months of job growth , about 183,000 jobs were added per month on average. Economists had anticipated 180,000 jobs last month as well, but the October total fell short of estimates by 30,000 jobs. UAW members at Ford and Stellantis approve contract “Some of the weakness last month may have been illusory, just due to […]

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