261,000 jobs added to the economy in October

The Latest Numbers From the BLS Employment Situation Report
Jobs Reports

Labor Department’s October Jobs Report

The October jobs report showed an increase in total nonfarm employment by 261,000 jobs, while the unemployment rate dropped slightly to 4.1 percent. There was a sharp increase in employment in bars, restaurants and hotels, which a direct result of hurricane recovery. Additionally, September’s report was revised up from a loss of 33,000 jobs to a gain of 18,000 jobs. Employment also increased in professional and business services, manufacturing and health care.

The Federal Reserve is expected to raise interest rates in December. Despite concern about the lack of inflation, particularly the hourly wage growth being flat month-over-month, we should still prepare for that increase.

Check our our breakdown of the October #jobsreport! via @ajilon: http://ajilon.co/2A2Zmbi

Economists’ predictions

The October jobs report fell short of Wall Street expectations of a 310,000 increase in jobs, but the unemployment rate came in .1 percent below expectations.

“Today’s report, albeit a little bit mixed, is still a relatively decent number. It still points towards the positive trend that we’ve seen in payroll growth over the last several months and the last couple of years actually,” said Tony Bedikian, head of global markets at Citizens Bank. “In general, the economy is moving along, though a little softer than many market participants anticipated.”

This months report

Let’s break down the numbers from this month’s report.

In October, hourly wages increased by -0.01 to 26.53 per hour, following a 12 cent increase in September. This brings the year-over-year wage percentage increase to 2.4 percent. The unemployment rate saw a slight uptick to 4.1 percent.

Wages

  • $26.53 October
    • -0.01 month-over-month
    • 2.4% year-over-year
  • $26.54 September

Unemployment

  • 4.1% October
    • -2.4% month-over-month
  • 4.2% September

In-Depth Look: Our Industries

Let’s dive right into a look at how our industries compare to the national numbers:

Manufacturing

  • Month-over-month change: 24,000
  • 156,000 jobs added year-over-year

Administrative and support services

  • Month-over-month change: 29,800
  • 278,600 jobs added year-over-year

Hospitals

  • Month-over-month change: 2,800
  • 72,400 jobs added year-over-year

Construction

  • Month-over-month change: 11,000
  • 187,000 jobs added year-over-year

Professional and business services

  • Month-over-month change: 50,000
  • 536,000 jobs added year-over-year

Transportation and warehousing

  • Month-over-month change: 8,400
  • 108,100 jobs added year-over-year

Office administrative services

  • Month-over-month change: 2,800
  • 30,100 jobs added year-over-year

Health care

  • Month-over-month change: 21,500
  • 300,600 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; therefore employers will need to stay competitive. Make sure you’re paying your people the right salary and doing everything you can to recruit and retain the best talent – check out our 2017 Salary Guide.

Advice and Resources

33,000 jobs lost to the economy in September
The Latest Numbers From the BLS Employment Situation Report
Read More
156,000 jobs added to the economy in August
The Latest Numbers From the BLS Employment Situation Report
Read More

Less searching. More finding.

We’ll find the job that’s right for you.

Send Resume