October Labor Market Update
The U.S. labor market displayed a mixed performance in October, with nonfarm payroll employment increasing by 150,000 jobs, falling below pre-report estimates and the average monthly gain of the past year. The unemployment rate held relatively steady at 3.9%, a subtle rise compared to the lows seen earlier in the year, as reported by the U.S. Bureau of Labor Statistics.
Sectoral Shifts in Employment
Healthcare, government, and social assistance sectors experienced job gains, while manufacturing faced a setback, primarily due to strike actions. The healthcare sector consistently added jobs, contributing 58,000 new positions to the economy, aligning with its 12-month trend. Government jobs saw an increase of 51,000, returning to its pre-pandemic levels, with local government positions showing notable growth. Social assistance roles increased by 19,000, slightly…
Read More