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N.S. flood victim surprised by apartment makeover | SaltWireWASHINGTON - U.S. job growth likely slowed in October partly due to strikes by the United Auto Workers union against Detroit's"Big Three" car makers, which depressed manufacturing payrolls.
The report could bolster the view that the Federal Reserve need not raise interest rates further. The U.S. central bank held rates unchanged on Wednesday but left the door open to a further increase, a nod to the economy's resilience. Last week, the BLS reported at least 30,000 UAW members were on strike during the period it surveyed businesses for October's employment report. The strikes have since ended, which could provide a lift to November's payrolls.
The unemployment rate is seen steady at 3.8%. But the jobless rate could still tick higher with more people entering the labor force due partly to confidence in availability of work and worries of an economic slowdown next year.Average hourly earnings were forecast to climb 0.3%, matching September's rise. That would lower the annual increase in wages to 4.0%, the smallest gain since June 2021, from 4.2% in September. Wages gains would still be above the 3.
"Historically, we've been getting productivity gains out of manufacturing, but manufacturing is becoming a smaller and smaller share of the total pie," said Sung Won Sohn, Finance and Economics professor at Loyola Marymount University in Los Angeles."We will see wage inflation becoming more of a problem, I wouldn't say wage price spiral, but certainly that is one of the reasons why we're not going to see a significant slowdown in the inflation rate from where we are.
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