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%.
Access additional insights on hiring and retention.
Whether it’s administrative, legal, technology or finance and accounting staff, how can you attract and retain the best employees in today’s complex employment market? Get insights and information on the trends that will impact hiring including company culture and the balance of generations in the workforce and how you can become an employer of choice – plus the latest salary data for markets throughout the U.S. Contact your nearest location today!
Visit our website to learn more about Roth Staffing Companies, including Ultimate Staffing, Ledgent Finance & Accounting, Ledgent Technology, Adams & Martin Group and About Talent for your administrative, office support, accounting and finance, legal, and technology staffing and recruitment needs.
Sources: BLS, CNBC