The Latest Numbers From the BLS Employment Situation Report
The US economy added 161,000 jobs in October, and the unemployment rate dropped slightly, according to data released Friday by the Bureau of Labor Statistics. The unemployment rate – which has held at 4.9 percent since the spring – inched up to 5 percent in September but has dropped back down to 4.9 percent this month.
In October, employment continued to trend up in healthcare, professional and business services, and financial services. The change in total nonfarm payroll employment for August was revised up from 167,000 to 176,000 and the change for September was revised up from 156,000 to 191,000. With these revisions, employment gains in August and September combined were 44,000 more than previously reported. Over the past 3 months, job gains have averages 176,000 per month.
Economists predicted 175,000 additions ahead of this morning’s jobs report and the report did not quite meet expectations. 161,000 jobs were added this month which is nearly in line with the six months growth pattern.
This Month’s Report
Let’s break down the numbers from this month’s report:
In October, hourly wages rose $0.10 to $25.92 per hour, bringing the year-over-year wage percentage increase to 2.8%. The unemployment rate dipped slightly at 4.9%.
- $25.92 October
- $25.79 September
- + 10 cents month-over-month
- + 2.8% year-over-year
- 4.9% October
- 4.9% August
- -0.1% month-over-month
- -0.1% year-over-year
- 5.0% September
In-Depth Look: Our Industries
Let’s dive right into a look at how our industries compare to the national numbers:
- Professional and business services
- Month-over-month change: +43,000
- +542,000 jobs added year-over-year
- Month-over-month change: +11,000
- +225,000 jobs added year-over-year
- Month-over-month change: -9,000
- -53,000 jobs lost year-over-year
- Transportation and warehousing
- Month-over-month change: +7,500
- +58,900 year-over-year job gains
- Health care
- Month-over-month change: +30,500
- +415,300 year-over-year job gains
- Month-over-month change: +12,700
- +144,200 jobs added in the last year
- Administrative and support services
- Month-over-month change: +19,700
- +194,200 jobs added year-over-year
- Office Administrative Services
- Month-over-month change: +1,900
- +25,600 jobs added year-over-year
The market remains hot for job seekers looking for top HR, non-clinical healthcare and supply chain and logistics positions and employers will need to stay competitive.