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Holiday hiring and AI in focus with October jobs report on deck
US October employment data due Friday, with holiday hiring and AI's effect on jobs in focus
Key points
- Economists expect the U.S. added 59,000 roles in October, up from 29,000 in September, per a Dow Jones survey.
- Unemployment is projected to remain unchanged at 4.2%.
- Wage growth of 2.9% is expected to fall well below the latest 3.7% inflation rate.
Why it matters. Slowing wage growth below inflation may squeeze household budgets, and the report could shape views on how holiday hiring and AI are affecting the labor market.
The Bureau of Labor Statistics releases October employment data at 8:30 a.m. ET Friday, and economists surveyed by Dow Jones expect the U.S. to have added 59,000 roles, up from 29,000 in September. Unemployment is projected to hold at 4.2%, while annual wage growth of 2.9% would trail inflation, which rose to 3.7% in September. Diane Swonk, chief economist at KPMG, said "the problem is the low rate of turnover" and noted that fewer people are entering the labor force.
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Holiday hiring and AI in focus with October jobs report on deck
A lukewarm job market may have picked up some steam last month, although slowing wage growth and the impact of AI remain big concerns. A lukewarm job market may have gained some steam last month, as companies began hiring workers for the holiday season, although slowing wage growth and the impact of AI remain big concerns. The Bureau of Labor Statistics is set to release the October jobs report at 8:30 a.m. ET Friday. Economists expect the report to show the U.S. added 59,000 roles, up from September’s 29,000, according to a survey conducted by Dow Jones. The unemployment rate is projected to remain unchanged at 4.2%. Workers’ wages, however, are expected to show annual growth of 2.9%, well below the latest rate of inflation. In September, the annual rate of inflation rose to 3.7%. Since March, wages have grown more slowly than the pace of prices. While publicly traded tech giants have boomed — Thursday’s massive sell-off aside — workers are seeing little payoff, all while remaining on edge to see what the technology will do to their jobs. Those companies, which are pouring hundreds of billions of dollars into developing artificial intelligence and data centers, are also driving up prices across the economy for consumers, from Apple products to Nintendo Switch 2 game consoles to laptop computers. As voters turned up at ballot boxes around the country on Tuesday, 75% of them tol.