“U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong”
November 4, 2022
“…Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.
Although the number was better than expected, it still marked the slowest pace of job gains since December 2020…
Average hourly earnings grew 4.7% from a year ago and 0.4% for the month, indicating that wage growth is still likely to serve as a price pressure as worker pay is still well short of the rate of inflation. The yearly growth met expectations while the monthly gain was slightly ahead of the 0.3% estimate…”
https://www.cnbc.com/2022/11/04/jobs-report-october-2022-.html
There is a labor shortage. Hiring has to remain strong. Jobs can’t cut employees if they don’t have enough to begin with.