The October 2023 Jobs Report saw the unemployment rate increase slightly from 3.8% in September to 3.9% in October (the highest since January 2022).
According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 150,000 and the number of unemployed people rose slightly from 6.5 million in September to 6.4 million in October.
The labor force participation rate edged down from 62.8% in September to 60.2% in October. Health care, government, and social assistance saw notable job gains in October.
Monthly job growth has averaged 258,000 over the prior 12 months.
The unemployment rate for college-degreed professionals 25 years and older remained unchanged at 2.1%. Job seekers with some college or an associate degree saw a slight increase in unemployment from 3.0% in September to 3.1% in October.
Jobs added by industry:
- Health Care: 58,000 jobs added
- Government: 51,000 jobs added
- Social assistance 19,000 jobs added
- Construction: 23,000 jobs added
- Leisure and Hospitality: 19,000 jobs added
- Professional and Business Services: 15,000 jobs added
Wage growth rose by 7 cents in October 2023.
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents or 0.2% to $34.00. Over the past 12 months, average hourly earnings have increased by 4.1%.
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Sources: BLS, CNBC
