Market Updates
U.S. Labor Market Expanded In October by 261,000
Brian Turner
04 Nov, 2022
New York City
Nonfarm payrolls increased 261,000 in October from the revised 315,000 in September, according to the monthly jobs report from the U.S. Bureau of Labor Statistics on Friday.
Healthcare, professional and technical services and manufacturing expanded led the payroll expansion in the month.
In October, employment in health care rose by 53,000, professional and technical services added 43,000 and manufacturing by 32,000.
Employment in leisure and hospitality continued to expand in October with 35,000 net job additions.
In October, average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents, or 0.4%, to $32.58.
On an annual basis, average hourly earnings increased 4.7%.
The August total nonfarm payroll employment was revised down by 23,000, from the net gain of 315,000 to 292,000, and the change for September was revised up by 52,000, from 263,000 to 315,000.
With these revisions, employment gains in August and September combined were 29,000 higher than previously reported.
A separate survey by the department showed unemployment rate increased to 3.7% in October from a 29-month low of 3.5% in September,
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