Jobs report October 2023: 150,000 jobs added, lower than forecast


The U.S. labor market added 150,000 jobs in October,1 lower than economists forecast, and a stark decline from the 297,000 jobs the economy added in September, a revision from the initially reported 336,000 for that month.

“The October employment report came in below expectations at 150,000 jobs, with the ongoing auto workers’ strike likely partly responsible for the unexpected 35,000 decline in manufacturing payroll,” said Shawn Snyder, Global Investment Strategist for J.P. Morgan Wealth Management. 

Snyder went on to highlight that, while the report was below expectations, it’s important to view the jobs report relative to the population’s growth.