US Adds 165,000 Jobs in October as 3.1% Wage Growth Trails 4% Inflation
Updated
Updated · The Boston Globe · Nov 12
US Adds 165,000 Jobs in October as 3.1% Wage Growth Trails 4% Inflation
3 articles · Updated · The Boston Globe · Nov 12
Summary
165,000 jobs were added in October—about 100,000 above forecasts—and the unemployment rate dipped to 4.1% from 4.2%, signaling continued hiring strength.
3.1% annual wage growth still lagged 4% inflation, leaving workers with shrinking purchasing power even as payrolls expanded.
Tuesday’s CPI data showing persistent inflation, combined with the jobs report, lifted expectations for another Federal Reserve rate increase at its Dec. 9 meeting.
Massachusetts reflects the strain: September payrolls rose by 3,500, but unemployment held at 4.3%, while unions at Harvard, Brigham and Women’s, and Encore pressed for higher pay.
Economists say the mix of solid hiring, weak real wages and low consumer sentiment points to an economy sending conflicting signals, though AI-driven job losses have yet to appear in federal data.