October jobs report preview: Payroll gains estimated to fall below 200,000 level

[mahatmakanejeeves]

Yahoo Finance

October jobs report preview: Payroll gains estimated to fall below 200,000 level

Alexandra Semenova · Reporter
Thu, November 3, 2022 at 4:22 PM · 2 min read

Job growth is expected to have slowed in October as the Federal Reserve pressed on with its most aggressive monetary tightening campaign in decades. ... The Labor Department is set to release its latest monthly jobs report at 8:30 a.m. ET on Friday. Here are Wall Street's expectations for the report, according to Bloomberg data:

• Non-farm payrolls: +195,000 expected vs. +263,000 in September

• Unemployment rate: 3.6% expected vs. 3.5% in September

• Average hourly earnings, month-over-month: +0.3% expected vs. +0.3% in September

• Average hourly earnings, year-over-year: +4.7% expected vs. +5.0% in September

If figures come in on par with forecasts, the estimated print will mark the lowest monthly reading in non-farm payrolls since December 2020.

A cool-off in October employment data would be a welcome sign for Federal Reserve officials, who are vigorously trying to tamp down an extraordinarily tight labor market that has placed upward pressure on wages and contributed to soaring prices.

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[Fullduplexxx]

1. The Powell effect