Jobs in the U.S. grew in October, albeit at a slower rate than the previous month, according to a Bureau of Labor Statistics report.

The labor market remained hot as inflation climbed over 6% in September, a 42-year high. Earlier this week, the Fed approved another interest rate hike in a bid to combat inflation.

According to the jobs report, the economy added 261,000 jobs in October, down from 315,000 in September. The agency said sizeable job gains were made in health care, professional and technical services, and manufacturing. Unemployment rose slightly to 3.7%, up from 3.5% the month before.

The labor force participation rate, at 62.2%, and the employment-population ratio, at 60.0%, remained unchanged in October, following a similar trend through the year.
While the labor market remains strong, some industries such as technology are experiencing layoffs. In recent weeks, Lyft, Stripe, Google, Uber and Meta have all announced hiring freezes and job cuts.
"The October employment report is more of a mixed bag than we've seen recently, consistent with an economy absorbing this year's interest rate increases, a strong dollar, high inflation, and challenges confronting the global economy," Mark Hamrick, senior economic analyst at Bankrate said.