October Job Report: US Adds 150,000 Jobs

The United States added 150,000 new jobs in October, below the average monthly gain of 258,000 over the past 12 months.

Additionally, the U.S. unemployment rate slightly increased to 3.9% in October.

Is the U.S. job market growing?

In October 2023, the U.S. added 150,000 jobs, showing a decline in job growth compared to the 360,000 jobs added in September of this year.

U.S. unemployment rates by group:

• Adult women: 3.3%
• Adult men: 3.7%
• Teenagers: 13.2%
• Whites: 3.5%
• Blacks: 5.8%
• Asians: 3.1%
• Hispanics: 4.8%

Additional employment statistics for October 2023:

• The count of discouraged workers, who are a part of the marginally attached group and believe there are no jobs available for them, saw minimal change over the month, standing at 416,000.
• The average hourly earnings for all employees on private nonfarm payrolls increased by 7 cents, or 0.2%, to $34.00, marking a 4.1% rise over the past 12 months.
• Employment in government increased by 51,000 in October and has returned to its pre-pandemic February 2020 level.

U.S. industries with notable job growth in October:

Healthcare

Healthcare added 58,000 jobs in October, in line with the average monthly gain of 53,000 over the prior 12 months.

Employment continued to trend up in ambulatory health care services adding 32,000 jobs, hospitals added 18,000, and nursing and residential care facilities added 8,000.

Social assistance

Social assistance added 19,000 jobs in October, slightly below the average monthly gain of 23,000 over the prior 12 months.

Employment continued to trend up in individual and family services adding 14,000 jobs.

Government

Government employment increased by 51,000, aligning with the average monthly gain of 50,000 over the last year.

Most notably, employment continued to trend up in local government with 38,000 jobs added.

Construction

Construction employment continued to trend up with 23,000 jobs, surpassing the average monthly gain of 18,000 over the prior 12 months.

Employment continued to trend up over the month in specialty trade contractors with 14,000 jobs added and construction of buildings with 6,000 jobs.

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