October net job growth was a strong 261,000, although this is the weakest number since 12/20 and job growth has been slipping since its 2022 peak of 714,000 in 2/22. While unemployment ticked up to 3.7% it remains very low. The labor force participation rate slipped to 62.2%, and wage growth remains strong. Combined, this keeps the Fed on track for a 50-75bp December hike as further slowing is needed.