Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a relatively strong labor market.Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.Although the number was better than expected, it still marked the slowest pace of job gains since December 2020.Stocks rose following the nonfarm payrolls release, while Treasury yields also were higher.Average hourly earnings grew 4.7% from a year ago and 0.4% for the month, indicating that wage growth is still likely to serve as a price pressure as worker pay is still well short of the rate of inflation. The yearly growth met expectations while the monthly gain was slightly ahead of the 0.3% estimate.”There has been some signs of cooling. Bur are seeing a pretty strong labor market,” said Elise Gould, senior economist at the Economic Policy Institute. “We did see a substant …
