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Jobs Report Shows Continuing Labor Market Strength as Job Openings Rise

Employers continued to add jobs at fairly robust pace, with 261,000 jobs added in October, but the unemployment rate ticked up from 3.5% to 3.7% as the number of jobless Americans increased by 306,000.

Average hourly wages rose by 4.7% in October compared to a year ago, but down from 5.6% in March as the pace of wage growth continues to cool. 

Health care added 52,600 jobs in October, followed by professional and technical services (+42,700), manufacturing (+32,000), local government (+29,000), and accommodation and food services (+25,900).   Most other industries were little changed. 

The number of job openings rose by 437,000 in September after dropping a revised 890,000 in August. The number of quits also remains near record highs, continuing to challenge employers to retain key employees. 

Published on: November 4, 2022

Authors: D. Mark Wilson

Topics: Jobs, Skills and Training