Employment Recap: October 2024

The October job market held its ground against changing conditions thanks to consistent gains in key areas like health care and government employment. Even with disruption from hurricanes and strikes in the manufacturing industry, the labor force displayed resilience.

“The strike at Boeing, one of the nation’s largest employers, accounted for 44,000 of the 46,000-job decline in manufacturing employment in October.” – Tim Smart, U.S. News 

Here’s a recap of the October employment situation from the recent  BLS Employment Situation Summary released on Friday, Nov 1, 2024:

Unemployment Rate: Holding Steady

The national unemployment rate stayed at 4.1% in October, holding firm even as storms disrupted portions of the workforce. The jobless figure of 7.0 million is up from last October’s numbers, underscoring the broader, ongoing challenges workers and employers are navigating.

Jobs Added: +12,000

The job market saw modest overall growth, with a net gain of just 12,000 positions in October. Although, while this pace is slower than in previous months, there were notable gains that came from the Health Care and Government sectors. 

On the other side, Temporary Help Services dropped by 49,000—a decline being watched closely as it signals changes in hiring flexibility in the business sector. Similarly, Manufacturing saw a notable drop of 46,000, impacted by recent strike activity in transportation equipment.

Labor Force Participation Rate: Steady at 62.6%

Meanwhile, the labor force participation rate remained stable at 62.6% while average hourly earnings climbed by 0.4% in October, with an overall annual wage growth of 4.0%. This consistency in participation and pay reflects the market’s endurance through a shifting economy.

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This summary provides a snapshot of the key changes in the labor market from September to October 2024. For more raw data and further information, you can visit the Bureau of Labor Statistics (BLS) website at www.bls.gov 

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