The Labor Department reported Friday that the economy created 261,000 new jobs in October, which beat Wall Street’s expectations. Upward revisions for September added to the evidence that the job market is holding up despite rising interest rates.

But hold the confetti. The labor market also showed the beginning of some cracks, as the unemployment rate rose to 3.7 percent from 3.5 percent and 328,000 fewer people were employed. The labor participation rate fell for the second month in a row, and unemployment ticked up for nearly every demographic group except teenagers. This evidence suggests that while employers are still hiring, the pace of hiring is slowing.

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