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| Happy Friday, Daily Money subscribers. It's Bailey Schulz here to help you wrap up the week. |
| The October jobs report is in, and results show that the U.S. labor market continues to be resilient despite high inflation, rising interest rates and growing recession fears. |
| Hiring remained strong in October, with employers adding 261,000 jobs. Meanwhile, average hourly wages jumped 12 cents to $32.58. And shortly after easing off record levels, job openings in September surged from 10.4 million to 10.7 million. |
| While that appears to be good news for workers, the prospect of continuing labor shortages and elevated wage growth means we can expect more hefty interest rate hikes by the Federal Reserve – a move that raises the risk of a recession. |
| After the Fed approved its fourth straight three-quarters point rate increase, economists say there's little doubt an economic slowdown is coming. Some expect job growth to come to a standstill next year. |
Heating bills expected to rise |
| Get ready for a spike in your heating bill. |
| The cost of natural gas – the primary heating fuel for about half of all U.S. households – is up, which means many Americans can expect their heating expenses to go up this winter as well. |
| Households that primarily use natural gas for heating are expected to spend an average of $931 on warming their homes between October and March, a 28% jump from last year, according to the U.S. Energy Information Administration. |
| While a price hike isn't good news for anyone at a time when inflation rates are stuck just below a 40-year high, it's especially concerning for the 1 in 6 American households that are already behind on their utility bills after a scorching summer. |
| It's a shameless self-plug, but you can read more about the reporting from Trevor Hughes and me here. |
📰 More stories you shouldn't miss 📰 |
| Having fridge problems? Safety complaints surge, with most aimed at Samsung |
| Spoiled food, water leaks: What to know about rising fridge safety complaints |
| Is inflation swaying voters in battleground states? Here's what we know. |
| Do you get paid time off to vote in midterms? There's no federal law, but these states allow it |
🍔 Today's Menu 🍔 |
| Shaved ice, poke and pork lau lau. |
| While it's easy to rack up expenses on a trip to Hawaii, travel reporter Eve Chen lays out a number of free or cheap things to do in Kauai, including where to find affordable food. |
Don't miss our investment guide |
| Stay calm and invest on. Consider your choices – and what to invest in, and whether to do it yourself. Get more advice like this in USA TODAY's Personal Finance Investment Guide. |
About The Daily Money |
| Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. |
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