In another sign of a possible softening in the labor market, the Labor Department revised down its estimate of job growth in August and September by a combined 101,000. The unemployment rate rose from 3.8% to 3.9% in October. The strikes ended this week with tentative settlements in which the companies granted significantly better pay and benefits to the union’s workers. The strikes likely shrank last month’s job gain by at least 30,000, economists say. Last month’s job growth, though down sharply from a robust 297,000 gain in September, was solid enough to suggest that many companies still want to hire and that the economy remains sturdy.Īnd job growth would have been higher in October if not for the now-settled United Auto Workers’ strikes against Detroit’s automakers. WASHINGTON - The nation’s employers slowed their hiring in October, adding a modest but still decent 150,000 jobs, a sign that the labor market may be cooling but remains resilient despite high interest rates that have made borrowing much costlier for companies and consumers.
