Job Market Shows Mixed Signals in October

In October, private companies added 42, 000 jobs, which was more than what experts predicted. This news came after a drop in September, where 29, 000 jobs were lost. The numbers were adjusted, showing that September's job loss was actually smaller than first thought. Some parts of the job market did well. For example, jobs in trade, transportation, and utilities went up by 47, 000. Education and health services also saw growth, with 26, 000 new jobs. But not all sectors did well. Jobs in information services dropped by 17, 000, and professional and business services lost 15, 000 jobs. Manufacturing, which has been struggling, lost another 3, 000 jobs. Big companies were the ones adding jobs, while small businesses lost 34, 000 jobs. This is worrying because small businesses usually create most of the new jobs. Despite the slow job growth, paychecks kept getting bigger. People who stayed in their jobs saw a 4. 5% raise, and those who switched jobs got a 6. 7% raise. The job market has been up and down this year. On average, about 60, 000 jobs were added each month, but this number has been lower in the last few months. The Federal Reserve, which controls interest rates, has been watching the job market closely. They recently cut interest rates because they are more worried about jobs than inflation. The official government report on jobs was not released because of a government shutdown. This report usually comes out two days after the ADP report and gives a bigger picture of the job market. Without it, it's hard to know exactly how the job market is doing.