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Total nonfarm payroll growth increased by 150,000 in October, and the unemployment rate changed little, increasing 3.9% over last month's 3.8%, according to the latest U.S. Bureau of Labor Statistics (BLS) report released Friday. The Fed meeting this week, where rates remained unchanged, followed by a cooling jobs report indicates that there will be a pivot from raising interest rates to lowering them next year, predicted National Association of REALTORS® Chief Economist Dr. Lawrence Yun. "The Federal Reserve will be pivoting from raising interest rates to current neutral to eventually cutting interest rates next year," Yun said. "The job market has slowed measurably. The latest monthly job gains of 150,000 in October are one of the weakest in the past three years. The unemployment rate rose to 3.9%, close to a two-year high. Wage gains also slowed to 4.1%, compared to nearly 6% last year, which will lower inflationary pressures."
