U.S. October Nonfarm Payrolls See Minimal Growth

Total nonfarm payroll employment remained largely unchanged in October, with an increase of 12,000 jobs, following an average monthly gain of 194,000 over the past year.

Total nonfarm payroll employment remained largely unchanged in October, with an increase of 12,000 jobs, following an average monthly gain of 194,000 over the past year. Employment continued to rise in health care and government sectors, while temporary help services saw job losses. The manufacturing sector experienced a decline in jobs due to strike activity.

In October, the healthcare sector added 52,000 jobs, consistent with its average monthly gain of 58,000 over the last year. Ambulatory healthcare services contributed 36,000 jobs, and nursing and residential care facilities added 9,000.

Government employment increased by 40,000, mirroring the average monthly gain of 43,000 from the previous year, with state government jobs up by 18,000.

Within professional and business services, temporary help services lost 49,000 jobs in October, marking a total decline of 577,000 since the peak in March 2022. Manufacturing saw a reduction of 46,000 jobs, primarily in transportation equipment, due to strike activity.

Construction employment saw a slight increase of 8,000 jobs in October, with nonresidential specialty trade contractors adding 14,000. Other major industries, such as mining, retail, and hospitality, reported little change in employment.

Average hourly earnings for private nonfarm payroll employees rose by 13 cents, or 0.4%, to $35.46 in October, with a year-on-year increase of 4.0%. For production and nonsupervisory employees, average hourly earnings also rose by 12 cents to $30.48.

The average workweek for all private nonfarm employees remained steady at 34.3 hours, while in manufacturing, it was unchanged at 39.9 hours, with overtime slightly down to 2.8 hours. The average workweek for production and nonsupervisory employees decreased by 0.1 hours to 33.7 hours.

Revisions to prior data showed that employment for August was revised down by 81,000 (from +159,000 to +78,000), and September was revised down by 31,000 (from +254,000 to +223,000), resulting in a combined decrease of 112,000 jobs for these two months. These revisions reflect updated reports from businesses and government agencies and recalibrated seasonal factors.

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