Employment Rose by 261,000 Jobs in October, Unemployment Up to 3.7%
Washington, DC, November 4, 2022-Total nonfarm payroll employment increased by 261,000 in October, and the unemployment rate rose to 3.7%, the U.S. Bureau of Labor Statistics reported.
Notable job gains occurred in healthcare, professional and technical services, and manufacturing.
“Average hourly earnings rose 0.4% in October from the previous month, up from 0.3% in September. They were up 4.7% from the previous year, a slower pace of growth than in September,” reports the Wall Street Journal.
“The report points to a labor market that remains strong despite some recent signs of cooling following the Federal Reserve’s aggressive pace of interest rate increases.
“The labor-force participation rate, or the share of adults working or looking for work, decreased slightly to 62.2% in October from 62.3% in September.
“Fewer workers joining the labor force could hold back job growth in the coming months.”