US | Job creation is easing slowly but steadily

Job creation in October (+150,000) was lower than consensus expectations (180,000), indicating a slowdown despite solid real GDP growth in previous quarters (4.9% in the third quarter of the year, SAAR).

Key points

• Key points:
• The employment growth was primarily driven by growth in two non-cyclical sectors: government and healthcare & social assistance.
• The unemployment rate rose (3.9%), is one of the highest levels observed in the last 20 months, but still 1.9pp below the historical average of the past few decades.
• The latest information for Job Openings (September) remains steady (5.7%) but still below the average since 2022 (6.4%).
• Wages continued to decline in October and grew 4.1% YoY (compared to 4.3% in August-September), the lowest level since the start of the pandemic.
• The Fed will likely stay on the sidelines in December due to a slowing in hiring.

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