U.S. job growth slows amid auto worker strikes and interest rate hikes
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
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The U.S. job market experienced a slowdown in October 2023, with a reported growth of 150,000 jobs, impacted by the auto workers strike against GM, Ford (NYSE:F) and Stellantis (NYSE:STLA). This led to unemployment reaching a 2022 high of 3.9%. The Federal Reserve’s interest rate hikes, implemented from early 2022 through mid-2023, aimed to ease labor market pressure and control inflation.
In October, wages rose marginally by 0.2%, while annual wage growth slowed to a two-and-a-half-year low of 4.1%. Excluding government roles, employment increased by 99,000 jobs, half of which were in the healthcare sector. Minor growth was also noticed in construction and leisure sectors.
The housing and manufacturing sectors experienced slowdowns due to the interest rate hikes. These sectors are grappling with the most severe labor shortage since World War Two and lower post-pandemic labor-force participation rates, both factors that are impacting hiring.
Following the soft jobs report, the 10-year Treasury yield dropped to 4.56%, leading the Dow Jones Industrial Average and S&P 500 to open higher. Additionally, revised job gains for September and August were reported, though specific numbers were not provided in the context.
