October Labor Report Recap
The US economy added 150,000 jobs in October 2023, according to the latest labor report from the Bureau of Labor Statistics. This comes in lower than the 180,000 new jobs economists predicted and much lower compared to September’s report. The unemployment rate showed a minor increase of 3.9% compared to 3.8% last month.
Healthcare and government saw the largest job gains this month. Additionally, the labor market saw new job growth in professional and business services, along with leisure and hospitality.
The government sector saw an increase of 51,000 new jobs in October and indicated government employment has returned to its pre-pandemic levels.
New jobs in healthcare continue to soar, with 58,000 jobs added. October’s numbers support the trend of an average of 53,000 new jobs added each month for the past year in healthcare.
Professional and Business Services saw 15,000 new jobs added this month; while temporary roles saw an increase of 7,000 new jobs.
There was an increase of 19,000 new jobs added in leisure and hospitality in October.
Despite the cooler jobs report, the unemployment rate remains near 50-year lows.
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Source: October 2023 Monthly Jobs Report, Bureau of Labor Statistics
