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News & Views

Provided by the Investment Professionals of Frost Investment Advisors | November 14 , 2022

Labor Market Steady While Business Slows on Negative Outlook

Jobs Report Sends Mixed Messages

The labor market is still running at a healthy but inconsistent pace, according to Bureau of Labor Statistics data. The BLS establishment survey of businesses found the economy added 261,000 jobs to payrolls in October, which was better than expected. Average weekly hours held at 34.5, a good sign for workers since cuts in hours are usually a harbinger of layoffs. Average hourly earnings growth slowed to 4.7% year-over-year (a slower ascent compared to last year) and rose 0.4% month-over-month. The strong monthly uptick in wages is more indicative of current conditions and, while welcomed by workers, it may be concerning for the Federal Reserve because rising earnings create upward price pressure.

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