By Manuel Gutierrez, Consulting Economist to NKBA
Despite the better-than-expected 261,000 jobs added in October, unemployment ticked up by 0.2 points to 3.7 percent. October saw the fewest number of jobs added in a single month since December 2020. Employers still have near-record openings, with nearly 11 million jobs to fill and 5.8 million people unemployed.
- All economic sectors contributed to October’s job growth. Healthcare led, adding 53,000, or about 20 percent of the total, followed by Professional & Technical Services with 43,000.
- Interior Design added 1,000 jobs in September (latest month available), a YOY gain of 5,600 jobs. Total employment in this sector remains at near-historic levels, with 53,700 employed.
- Construction added just 1,000 jobs, while employment in residential buildings rose by 2,400 jobs. Employment in the specialty trades fell 4,000 in the month.
- Manufacturing businesses added 32,000 jobs in October, bringing industry employment to 12.9 million — still at its lowest in 70 years.
- Hourly wages are up 5.5 percent over last year, lagging the current inflation rate of 8.2 percent.
