After several months of unprecedented and unexpected growth, the nation’s labor market logged a smaller-than-expected gain in October.
The latest figures just released by the Bureau of Labor Statistic revealed the creation of some 150,000 new jobs, a drop off from the nearly 336,000 jobs recorded in August.
The largest job growth for October was seen in the education and health services sector, which added 89,000 new jobs, followed by the government sector at 51,000.
The numbers were up in the construction sector as well, notes a narrative accompanying the report: “Construction employment continued to trend up,” said the report of the 17,000-industry job gain last month, noting that those numbers were “about in line with the average monthly gain of 18,000 over the prior 12 months.”
Residential building and specialty trade contractors saw a gain of around 13,700 new workers, with employment at heavy and civil engineering firms up by 8,400.
Overall, according to the Associated General Contractors of America, 219,000 new jobs have been added in the industry since September of 2022, comprising a 2.8% gain.
In keeping with the general upward trends, notes an analysis published by the association, “the unemployment rate among jobseekers with construction experience was 4.0% in October, one of the lowest October rates in the 24-year history of the data.”
Other employment sectors that saw growth in October include the professional and business services category with 19,000 new jobs; manufacturing, up by 16,000 jobs; and the government, adding 8,000 new workers.
On the downside, the mining and logging sector saw a loss of 2,000 jobs last month, with the information sector off by 15,000 jobs.
While the October national gain of 150,000 new jobs was lower than anticipated, notes the New York Times, it was still “not too different from monthly gains before the pandemic.”
The lower job numbers, remarked the Financial Times in reporting on the Wall Street response, makes it “more likely that the Federal Reserve will not raise rates further in the coming months.”
In a release issued by the White House it was noted that the “unemployment rate has been below 4% for 21 months in a row, the longest stretch in more than 50 years.”
By Garry Boulard
