US hiring declines to 150,000 as a result of the auto strike

US hiring declines to 150,000 as a result of the auto strike
According to government statistics issued on Friday, the auto workers' strike had a contributing factor in the United States' slowing job growth in October.

The largest economy in the world added 150,000 jobs in September, which was fewer than economists had predicted and down from a revised 297,000 positions in September, according to the Labor Department.

It also stated that the jobless rate increased slightly to 3.9 percent.

Policymakers will probably view this as positive news because they are worried that excessive heat in the labor market could keep inflation high.

Over the past year, the labor market has shown surprising resilience, despite the central bank's aggressive hike in interest rates to fight inflation, a move that usually causes hiring to slow and unemployment to rise.

However, strong job and pay growth has kept consumers spending even while inflation has decreased, which has boosted economic growth

This has increased optimism that despite rising interest rates, the US can escape a recession.

According to Labor Department figures, average hourly earnings increased by 0.2 percent in October, a little decrease from the previous month.

According to the government, "October saw a 35,000 decrease in manufacturing employment, reflecting a 33,000 decline in motor vehicles and parts that was primarily due to strike activity."

Start a discussion

Previous Post Next Post

نموذج الاتصال