Job growth slowed in October, with 72,000 jobs added compared with 119,000 in September. Unemployment remains relatively low, but the pace of hiring is losing momentum.
For the Federal Reserve, this creates a delicate balance. A softer labor market could reduce pressure to keep interest rates high, while a sharper slowdown would raise concerns about the health of the economy.
For businesses, slower hiring can mean more cautious expansion, tighter budgets and changing demand.
The key question is whether the labor market is cooling gradually — or signaling a broader slowdown.
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