The October 2022 Jobs Report saw the unemployment rate rise from 3.5% in September to 3.7% in October. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 261,000 and the number of unemployed people rose by 306,000 to 6.1 million.
Monthly job growth has averaged 407,000 so far in 2022.
The unemployment rate for college-degreed professionals 25 years and older saw a slight increase from 1.8% in September to 1.9% in October. Job seekers with some college or an associate degree saw an increase in unemployment from 2.9% in September to 3.0% in October.
Health care, professional and technical services, and manufacturing saw notable job gains in October.
Jobs added by industry:
- Health Care: 53,000 jobs added
- Professional and Technical Services: 43,000 jobs added
- Leisure and Hospitality: 35,000 jobs added
- Manufacturing: 32,000 jobs added
- Social assistance 19,000 jobs added
- Wholesale trade 15,000 jobs added
Wage growth rose by 12 cents in October 2022
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents or 0.4% to $32.58. Over the past 12 months, average hourly earnings have increased by 4.7%.
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