An unexpectedly small increase in unemployment in October was the only problem in a strong employment picture. According to the Bureau of Labor Statistics’ jobs report, November 4,
In October, a significant number of new jobs were created and overall wages are up. In industries like manufacturing and health care, where there was previously little growth, hiring was more robust.
How many new jobs were created in October?
October saw 261,000 more jobs than September’s (263,000).
What’s the current unemployment rate?
Current unemployment rate is 3.7%. The October unemployment rate was up 0.2 percentage points from September. The total number of people without work rose by 306,000 in October compared to September.
Is there a rise in unemployment or a fall in it?
Since April, the unemployment rate has been relatively stable at 3.5% to 3.7%.
How do you calculate the unemployment rate
Calculating the unemployment rate involves dividing the number unemployed people by those in the labor force. The labor force is the total of all people who are actively looking for work or currently working. To get a percentage, multiply the result by 100:
Unemployment rate
What’s the labor force participation rate?
The labor force participation rate has barely changed since September: 62.2% in Oct compared to 62.3% in September. The labor force participation rate refers to the percentage of people who are working or looking for work.
The labor force divided by the eligible population to work is the rate. The Bureau of Labor Statistics defines the total eligible population as the “civilian population,” which is defined as people 16 years and older who aren’t in military service or incarcerated. To get a percentage, multiply the result by 100:
Labor force/Civilian noninstitutional populations x 100 = X%. This is the labor force participation rate.
According to BLS data, the labor force participation rate has been lowest since October 2002 (60.2%) and highest since June 2003 (66.6%).
What is the current job market?
Job openings and the quit rate are two key indicators that show job seekers have many options. The rate of layoffs in all sectors was also stable, with little change from the previous months.
What is the Job Openings & Labor Turnover Summary Report?
After a one-month drop in openings in August, the Job Openings and Labour Turnover Summary (or JOLTS) showed that job opportunities remained strong.
Accommodation, food services, social assistance, and transportation, warehouses and utilities saw the greatest increase in job opportunities. Wholesale trade, finance and insurance are all experiencing fewer job openings.
What’s the quit rate?
JOLTS also reported that the quit rate was 2.7% for the third consecutive month. This, economists claim, is a crucial factor in the health and prospects of employment. Quitting indicates workers feel comfortable making job changes.
State and local government jobs saw quit rates rise, which suggests that there is more movement in this sector. In three industries with lower quit rates, the reverse is likely to be true: construction, transportation, warehousing & utilities, and durable goods manufacturing.
Are wages rising?
Also, wages are strongly in the favor of workers: Another report published Oct. 28 by Bureau of Labor Statistics revealed that wages and salaries rose 5.1% in a one year period ending September 2022. Wages and salaries increased by 4.2 %.
Will there be an increase in unemployment?
Although the overall employment picture appears positive, many forecasts predict job losses in 2023. The Federal Reserve forecasted that unemployment would rise to 4.4% next year in September. The Federal Reserve projects a higher unemployment rate of 5.5% span for Bank of America.
In an attempt to lower inflation, the Federal Open Market Committee increased its federal funds rate in November.
Jobs Report: What’s the job market like in your industry?
Workers who are unsure if it’s time for a change might be interested in what is happening in their industry.
Based on Bureau of Labor Statistics data, here’s what you should know:
Construction
October Employment: 7,721,000
% Change since September: +0.01%
% Change since February 2020: +0.98%
Education Services
October Employment: 3,859 100.
% Change since September: +0.22%.
% Change since February 2020: +0.55%
Financial activities
October employment: 8,971,000.
% Change since September: +0.03%
% Change since February 2020: +1.37%
Government
October 22,350,000
% Change since September: +0.13%
% Change since February 2020: -1.877%
Social assistance and health care
October, 20,872,800.
% Change since September: +0.34%.
% Change since February 2020: +0.58%
Information
October Employment: 3,043,000.
% Change since September: +0.13%
% Change since February 2020: +5%
Lodging and leisure
October Employment: 15,886,000.
% Change since September: +0.22%.
% Change since February 2020: 5.85%
Production
October 12,922,000
% Change since September: +0.25%
% Change since February 2020: +0.47%
Mining Logging
October Employment: 634,000
% Change since September: No Change.
% Change since February 2020: 11.58%
Business and professional services
October 22,493,000
% Change since September: +0.17%
% Change since February 2020: +4.28%
Retail Trade
October Employment: 15,829 100.
% Change since September: +0.05%
% Change since February 2020: +1.08%
Transportation & warehousing
October Employment: 6,526,400.
% Change since September: +0.13%
% Change since February 2020: +4.87%
Wholesale
October, 5,923,100.
% Change since September: +0.25%
% Change since February 2020: 0.222%.
When will the next job report be available?
The next jobs data report will include November data. It will be published on December 2, 2022.