Labor report shows job creation cooling

A new report from the Department of Labor shows 150,000 new jobs were created in October, about 20,000 short of the Dow Jones estimate. Even the forecast of 170,000 jobs fell severely short of the 336,000 jobs created in September, indicating a cool streak hitting the job market. The report also said unemployment rose to 3.9 percent, marking the highest rate since January 2022. The healthcare sector created the most jobs last month, followed by government and construction. The average workweek also dropped slightly, now clocking in at 34.3 hours a week throughout October.

What might have caused the slowdown? The Bureau of Labor Statistics noted strike activity affected job openings, particularly by stunting the manufacturing sector. Becky Frankiewicz, chief commercial officer at the staffing firm ManpowerGroup, explained that the post-pandemic job boom slowdown and the end of summer hiring also contributed. “Companies are now holding onto employees,” she said.

Dig deeper: Read Kim Henderson’s report in WORLD Magazine on job fairs tailored for recently released prisoners.