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- US stocks jumped on Friday after a cool jobs report took pressure off of interest rates.
- The US economy added 150,000 jobs in October, just shy of the 180,000 estimate.
- The unemployment rate ticked up to 3.9% from 3.8%, and wage growth slowed down.
US stocks jumped on Friday, extending their week-long rally, after the October payrolls report showed some easing in the labor market that could give the Federal Reserve more breathing room on monetary policy.
The addition of 150,000 jobs last month was shy of the 180,000 economists were expecting, with nearly all of the miss being driven by strikes at the Big Three automakers. The unemployment rate ticked higher to 3.9% from 3.8%, and wage growth cooled to its lowest since 2021.