Market Updates
Nonfarm Payroll Growth Slowed In October
Brian Turner
03 Nov, 2023
New York City
Nonfarm payrolls in October increased 150,000, compared to 297,000 in the previous month, the U.S. Bureau of Labor Statistics reported Friday.
The jobless rate at 3.9% and the number of unemployed persons at 6.5 million changed little in October.
In October, the number of long-term unemployed, those jobless for 27 weeks or more, was little changed at 1.3 million and accounted for 19.8% of all unemployed persons.
Employers added jobs in healthcare (58,000), social assistance (19,000), and government (51,000), and several strikes, including by the members of the UAW, pulled down employment in manufacturing by 35,000.
October payrolls increased below the average monthly gain of 258,000 over the last 12 months, but higher than the 75,000 jobs needed to meet the needs of the expanding population.
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