October Jobs Report: More revisions, more government jobs, more unemployment

The October jobs report was a doozy.

The U.S. economy created 150,000 new jobs in October, down from a downwardly revised (more on that soon) 297,000 in September. This was also below the market estimate of 180,000.

The unemployment rate edged up to a higher-than-expected 3.9 percent, up from 3.8 percent.

But here are the main facets of the NFP report that should raise some eyebrows:

• 101,000 downward revisions in August and September
• Number of people working two or more jobs surged to 8.356 million.
• U-6 unemployment increased to its highest level since February 2022.
• Household survey shows the economy lost 201,000 jobs.
• Government added 51,000 new jobs.
• Manufacturing lost 35,000 jobs.

Is this the beginning of a slowdown in the labor market? It should be as the Federal Reserve says the economy is beginning to feel the effects of last’s year monetary tightening.