Unemployment Rate Rises to 3.7%
Jobs Growth:
October saw the creation of 261,000 new jobs, after September activity was revised upward to 315,000.
Top Industries:
The sectors that saw the most job gains in October included healthcare, professional and technical services, and manufacturing.
Unemployment:
In October, another 306,000 people left their jobs, bringing the total number of unemployed to 6.1 million. As a result, the unemployment rate inched up to 3.7%.
Wages:
Average hourly earnings continued to rise, increasing 0.4% in October.
Work Week:
The average work week was unchanged at 34.5 hours, upholding a five-month trend.
Temporary Job Trends:
The temporary help sector reported the creation of 11,800 new jobs during the month.
What Does It All Mean?
The October jobs report surprised many analysts who predicted a slowdown in growth for the month. They expected rising interest rates to discourage business investment. Despite that belief, businesses have continued to invest in building a stronger and more diverse bench of talent. Anticipation of a slowdown has now shifted out another month, as the Fed considers additional interest rate hikes to counter the increasing wages that contribute to inflation.
Economic woes aside, employers continue to look for ways to stand apart from talent competitors. With nearly two jobs available for every job candidate, employers need a stellar reputation, a strong value proposition, and attractive incentives to entice the best candidates.
Once candidates are interested, prospective employers need to deliver an engaging experience to ensure that interest is sustained until a job offer is forthcoming. Managing all the many varied elements of the recruitment process is a continuing challenge for them.
Sources: U.S. Bureau of Labor Statistics (BLS), The New York Times, CNN, CNBC, Staffing Industry Analysts, American Staffing Association, The Washington Post, MarketWatch, CBS News
