U.S. employers added 261,000 jobs in October, reflecting continued resilience in the labor market. The jobless rate rose to 3.7%. While the rate at which jobs have been added is still high, there’s evidence of a slowdown compared to the year's first half.
A stronger-than-expected employment growth further plays into the narrative that the Fed may need to hike rates further. Kiran Ganesh, a multi-asset strategist at UBS Global Wealth Management, said, “A case of good news that would be bad news.”
