The U.S. job market has remained on firm footing even as the Fed has raised its benchmark interest rate 11 times since March 2022 to try to tame inflation.
WASHINGTON — The nation’s employers scaled back their hiring in October, adding a modest but still decent 150,000 jobs, a sign that the labor market remains resilient despite economic uncertainties and high interest rates that have made borrowing much costlier for companies and consumers.
Last month’s job growth, though down sharply from a robust 297,000 gain in September, was solid enough to suggest that many companies still want to hire and that the economy remains sturdy.
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