By Tom Burnett CFA
On November 3, 2023, the Bureau of Labor Statistics released its employment report for October. Total nonfarm payrolls increased by 150,000 to a record level of 156.9 million. The average monthly gain over the prior 12 months was 258,000. The unemployment rate held steady at 3.9% and the number of unemployed workers remained at 6.5 million, little changed from the previous month. In its November 1, 2023 report on jobs availability, the Bureau of Labor Statistics noted that job openings remained at 9.6 million, well above the 6.5 million figure of job seekers.
Manufacturing employment fell by 35,000 in October, primarily due to the UAW strike against the automotive industry.
Average hourly earnings across all payrolls rose by $0.07 to $34.00, up 4.1% from the year-ago period.
Revisions to previous employment reports totaled a decline of 101,000 from what the September and October reports had disclosed.
The next employment report will be issued on December 8, 2023.
Tom Burnett CFA is Director of Research