U.S. job growth likely slowed in October partly due to strikes by the United Auto Workers (UAW) union against Detroit's 'Big Three' car makers, which depressed manufacturing payrolls.
FILE PHOTO: A "now hiring" sign is displayed outside Taylor Party and Equipment Rentals in Somerville, Massachusetts, U.S., September 1, 2022. REUTERS/Brian Snyder/File PhotoUAW strikes seen weighing on manufacturing payrollsAverage hourly seen rising 0.3%; up 4.0% year-on-year
The Labor Department's closely watched employment report on Friday is expected to show labor market conditions steadily easing, with annual wage growth the smallest in nearly 2-1/2 years and significant growth in the supply of workers. Government employment, a big driver of payroll gains in September as state and local governments recruited for the new school year, likely moderated last month. Technical factors, related to the model used to strip out seasonal fluctuations from data, could affect the payrolls count.
Though wages have not been the main driver of inflation, some economists worry recent hefty contracts, including the ones scored by the UAW, airline pilots and the union representing UPS workers, could complicate the Fed's fight against inflation.
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