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BISMARCK, N.D. (KFYR) – On Friday, the US Bureau of Labor Statistics released its October report on jobs. It showed that the U.S. Economy added 150,000 jobs, significantly less than September’s jobs numbers.
Financial advisor David Wald says the slowdown is because of the effects of the uncertain economy coming into the labor market. He says businesses are being cautious when hiring, if they are hiring, or maybe have suspended hiring. Wald believes the U.S. will remain in this lower-level trend of job growth for a while.
“Really, it’s going to hinge on whether or not we fall into a recession early next year. If we see a recession coming, you’re starting to see job losses instead of job additions,” said David Wald, Managing Partner, Lux Wealth Advisors.
The report also said that unemployment was at 3.9%– its highest since January of 2022. Wald says we are starting to see layoffs coming through the economy and a more competitive job market for fewer jobs.
“Now, we are starting to see some of the hiring pull back because companies aren’t expanding, and they are kind of in a wait and see mode,” said Wald.
Wald says although we are having job cuts nationwide, North Dakota is very lucky as it is somewhat insulated from a lot of the job cuts and the broader economic environment.
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