The October 2023 Jobs Report & September 2023 JOLTS: The Current U.S. Employment Situation

October 2023 U.S. job numbers showed a 150,000 increase in total nonfarm payroll employment and an unemployment rate of 3.9%, signs that the job market is starting to cool as the Federal Reserve left interest rates unchanged for the second consecutive meeting on Wednesday. The U.S. Department of Labor’s jobs report figures fell short of what economists forecasted (170,000) in terms of new jobs added, but not by much.

September’s Job Openings and Labor Turnover Summary (JOLTS) showed little change in the number of job openings as well as hires at 9.6 million and 5.9 million, respectively. There were 5.5 million separations, with 3.7 million quits and 1.5 million layoffs/discharges. Of note, separations decreased significantly in state and local government education by 42,000, while quits increased by 24,000 in the information sector.

Other key highlights from the reports:

• September and August’s employment numbers were revised down, from 336,000 to 297,000 and from 227,000 to 165,000, respectively.
• Average hourly earnings increased 0.2%, falling short of the 0.3% forecast.

Though numbers were flat last month compared to September’s report in multiple areas, some industries did see solid growth. Health care added 58,000 jobs and government employment increased by 51,000, returning to its pre-pandemic level. On the other hand, the manufacturing industry lost 35,000 jobs, almost entirely due to the United Auto Workers’ strike.

Even though the U.S. employment situation is cooling with the temps right now, job seekers and employers can still end 2023 strong with iHire. Discover how our hiring and job search solutions can help you reach your goals!