Weakening Work

Net job growth in October was a respectable 150,000; that said that’s the second lowest level since 12/20 and August and September were collectively revised down 101,000. Additionally, unemployment ticked up to 3.9%, the highest rate since 1/22 and up from a low of 3.4% in April, which is slightly disconcerting. Lastly, both the labor force participation rate and wage growth eased. Labor market slowing continues, and the Fed holds.