U.S. economy added 150,000 jobs in October as hiring slows

Job growth slowed more than expected in October and the unemployment rate climbed to 3.9%, marking the end of large monthly gains, the government reported on Friday.

Nonfarm payrolls grew by 150,000 last month versus a downwardly revised 297,000 in September. The unemployment rate rose to 3.9%, versus 3.8% the month prior, according to the Labor Department.

The job gains is less than the 170,000 figure expected by economists and well below the 260,000 monthly average so far this year.

Health care, government and social assistance fueled the rise in payrolls while other categories displayed lackluster growth or declines.

Manufacturing jobs dropped by 35,000 in October, a fall mostly attributable to the now-ended United Auto Workers strike.

The report comes after the Federal Reserve opted to leave its benchmark interest rate unchanged for a second consecutive meeting as the central bank strives to curtail high interest rates.

— This is a developing story.

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