October jobs report to provide fresh look at labor market
Economists predict modest job growth and steady unemployment as the Federal Reserve awaits key labor market data.
(Photo via CNBC)
The U.S. Bureau of Labor Statistics is scheduled to release the nonfarm payrolls report for October on Friday, Nov. 6, at 8:30 a.m. ET. Investors and policymakers are looking to the data to determine the current trajectory of the American labor market.
Economists surveyed by Dow Jones and Reuters anticipate that the economy added between 59,000 and 65,000 jobs during the month. This follows the September report, which showed an addition of 29,000 jobs.
Forecasters expect the unemployment rate to remain steady at 4.2%, matching the figure reported in September. Analysts have described the current labor market as relatively robust but frozen, noting a lack of month-to-month churn that has kept the unemployment rate stable despite lower hiring numbers.
Market participants are also monitoring wage growth to see if it can maintain a 3% pace. Achieving this level would require a 13-cent hourly increase. In the 12 months leading up to September, average hourly pay rose 3.0%, a figure that trailed the 3.7% increase in consumer prices over the same period.
The Federal Reserve will review the upcoming report to inform its interest rate decisions during the central bank's meeting in December. The data will serve as a key indicator for officials assessing the overall health of the economy.