November 3, 2026
The U.S. labor market gets its next major checkup on Friday. The October jobs report is due on Friday, November 6, at 8:30 a.m. Eastern. It follows a soft September report that left economists on edge. simianx
What the Last Report Said
Nonfarm payrolls rose by just 29,000 jobs in September, well below the consensus forecast of roughly 84,000 to 90,000. The unemployment rate edged up to 4.2%, with about 7.1 million people unemployed. The rate has stayed in a narrow 4.1% to 4.3% band since March. U.S. Jobs Report Undershoots Forecasts +2
Revisions and Wages
Two details deserve attention. First, past months were revised lower. July was revised from +21,000 to a loss of 10,000 jobs, and August was trimmed from +162,000 to +133,000, a combined drop of 60,000. Second, paychecks are growing slowly. Average hourly earnings rose 0.1% in the month and 3.0% over 12 months, to $37.81. One market summary described that wage growth as the slowest since May 2021. The Latest US Jobs Numbers, the Release Calendar Through 2027 and Two Years of Payroll Data +2
Why It Matters
The jobs report influences interest rates, mortgage costs, stock markets and the overall mood of the economy. A weak number can push the Federal Reserve toward holding rates steady, while a surprisingly strong one can keep borrowing costs elevated.
What to Watch on Friday
- Payroll growth: does hiring bounce back, or stay weak?
- Revisions: are earlier months revised up or down again?
- Wage growth: does it keep slowing, or does it pick up with prices still high?
- Unemployment rate: does it stay inside its recent 4.1% to 4.3% range?
Key Takeaways
- The next jobs report arrives Friday, November 6.
- September added just 29,000 jobs, far below forecasts.
- Earlier months were revised lower, and wage growth is slowing.
- The report can move markets, mortgage rates and the Fed’s thinking.
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