October job growth exceeded expectations, coming in at 261,000. The trucking industry made up for losses in September, gaining 13,000 jobs in October. The number of job openings increased by 437,000 to 10.7 million. Unemployment rose to 6.1 million, and there are still 1.75 jobs available for unemployed persons. These reports show little ease in the inflationary pressures driven by an employee market.
September's Job Opening and Turnover Survey
At the end of September, job openings increased to 10.7 million, and hires lowered to 6.1 million. The quit rate dropped slightly to 4.1 million, and layoffs and discharges dropped slightly to 1.3 million. The number of job openings increased, keeping it firmly an employee market with 1.74 available per unemployed person. As the ratio between job openings and the unemployed remains high, there has been little change to the inflationary pressures from employment.
Three sectors saw an increase in job openings. The number of job openings increased in Transportation, Warehouse, and Utilities by 111,000. Accommodation and Food Service (+215,000) and Healthcare and Special assistance (+115,000) also saw gains.
The number of hires decreased in the State and Local Government Education (-40,000) and Durable Goods Manufacture (-57,000). Quits fell in Transportation, Warehouse, and Utilities (-35,000). The number of total separations also decreased in Transportation, Warehouse, and Utilities (-42,000).
October Jobs Report
Non-farm payroll grew by 261,000 in October, coming in above estimates. Unemployment increased to 3.7% as the labor force participation rate decreased slightly to 62.2%. October saw little change in permanent job losers, holding steady at 1.2 million.
Transportation and Warehousing increased by 8,000, with truck transportation rebounding, gaining 13,000 jobs. Leisure and Hospitality (+35,000), Healthcare (+53,000), Professional Services (+43,000), Manufacturing (+32,000), Construction (+19,000), Social Assistance (+19,000), Financial (+3,000), and Wholesale Trade (+15,000) all saw gains in September.
Conclusion
As we head into the holiday season, job openings are predictably increasing. Job growth has yet to slow, and wages continue to rise. These reports only show minor signs of the decrease in inflationary pressures desired by the Fed. The number of jobs to candidates remains high, maintaining a job seekers market.
The fight for employees is not letting up. To be successful in wooing the best candidates, you need the right recruitment marketing team on your side. Are you not meeting your recruitment goals? Contact the LzRecruit Network today! Lower your Cost Per Lead and Time to Hire. We offer 100% direct leads. For more information on the LzRecruit Network, contact us at 800-755-0623.
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Debra_lz
Debra Watkins covers recruitment and digital marketing for Lionzone. A Nashville native, after graduating from the University of Kentucky, Debra utilized her research and writing skills in the museum and heritage tourism fields, rising to director of two institutions before returning to Nashville in 2020 to join Lionzone.
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