U.S. Added 261,000 Jobs in October 2022

The employment figures released by the Labor Department indicated that 261,000 jobs were added to the economy in October 2022. The unemployment rate increased from 3.5% in September to the current 3.7%. As reported in the New York Times, the Federal Reserve is concerned that a “hot” job market is forcing employers to increase wages which is leading to higher prices resulting in more inflation. The Central Bank increased interest rates by 3/4% last week and is expected to continue to raise rates. The next rate decision by the Central Bank will be on December 14th.