Economy Added 261,000 Jobs Even As Recession Fears, Inflation Rose—Hiring stayed strong in October as employers added 261,000 jobs despite high inflation, rising interest rates and growing recession fears. The unemployment rate rose from 3.5% to 3.7%, the Labor Department said Friday. Economists had estimated that 190,000 jobs were added last month. The actual gain was the smallest since December 2020.
In recent months, job growth has downshifted from a robust average monthly pace of more than 400,000 for most of this year to about 290,000 the past three months but stayed resilient. Persistent worker shortages have led companies to avoid layoffs on fears they won’t be able to fill openings when the economy bounces back.
Source: USAToday, 10.07.2022
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