The Bureau of Labor Statistics (BLS) October 2024 Jobs Report shows that the unemployment rate remained unchanged from last month at 4.1%, in line with expectations. According to the report, payroll employment increased by 12,000, a figure likely impacted by hurricanes and labor strikes. The number of unemployed people is currently at 7.0 million, up slightly from 6.8 million the month prior.
The unemployment rate for college-degreed professionals 25 years and older increased to 2.5% compared to 2.3% the prior month. The unemployment rate for job seekers with some college or an associate stayed the same at 3.4%.
The labor force participation rate stayed the same at 62.6% in October and is little changed for the year. The employment-population ratio remained the same as last month at 60.0%.
In October, employment trended up in the categories of health care, adding 52,000 jobs; and government, adding 40,000.
Employment showed little change over the month in other major industries including wholesale trade; retail trade; transportation and warehousing; information; financial activities; leisure and hospitality; and other services. Manufacturing employment decreased by 46,000 largely due to strike activity.
In October, average hourly earnings for all employees on private nonfarm payrolls increased by 13 cents (0.4%) to $35.46. Average hourly earnings are up 4.0% over the past 12 months.
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Source: BLS
