US Jobs: Private Payrolls Rise By 233k In October After Rising 319k In September (-27% MoM), Unemployment Rate Edges Up To 3.7% As Wage Growth Cools To 4.7% (Too Bad Inflation Is At 8.2%)

President Biden just lost one of his midterm election talking points. “The U-3 unemployment rate the lowest since (garbled) at 3.5%!” Because it now has risen in October to 3.7%.

Private payrolls added 233k jobs in October, which is a -27% decline from September’s revised private payroll figures.

The good news? Average hourly earnings growth is still positive, but fell to 3.7% YoY. But with inflation raging at 8.2% YoY, workers are getting clobbered by inflation.

Here is the rest of the story.

The Fed is now green-lighted to raise rates even higher.

Biden’s campaign promise was to unite rather than divide. But Biden has morphed into Gustaf Holst’s, Mars – Bringer of War! Both domestically and in the Ukraine.