Real time jobs report data summary. Figures are based on the latest data provided by the Bureau of Labor Statistics (BLS.gov). All jobs numbers are for non-farm employment.
For local jobs report data, click here.
3 Things to Know About the National Jobs Report
The Bureau of Labor Statistics (BLS) reported the U.S. unemployment rate ticked up slightly to 3.6%. 128,000 jobs were added in October, just slightly below September figures. Despite predictions that the General Motors strike would cause October job gains to take a massive hit, Jon Hill, BMO fixed income strategist, claims that it’s the non-manufacturing roles that reflect the vast majority of the U.S. economy. “We’re a services economy. Until we see broad-based spillover on the services side, it makes sense for the Fed to stay on hold.”
Regionally, the Bureau of Labor Statistics breaks down the state and metro unemployment rates one month behind the national breakdown. Those numbers will be released mid-month every month.
Here are 3 other things to know about October’s jobs report:
The Labor Force Participation Rate: The labor force participation rate was little changed at 63.3% during October and the employment population ratio held at 61%. Today, with employers’ hands forced by a candidate-driven labor market in which it’s difficult to find sufficient candidates, most of America’s companies face a crucial decision: to loosen—or to not loosen—their hiring requirements for temporary workers— requirements such as education, experience, background checks and drug screening. We recently released a report surveying 500+ hiring managers in the U.S. which will help you decide if loosening temporary job requirements is right for your company.
Wage Growth Accelerating: In October, average hourly earnings rose by 6 cents. It’s no secret that wages have lagged behind job growth amid a recovering economy, and a common question has been the following: When will many companies’ newfound financial health, compared to their compromised financial health during the recession, trickle down to their employees in the form of pay? It looks like the answer is now. Read The New York Times’ article “Why Wages Are Finally Rising, 10 Years After the Recession” for a detailed breakdown of U.S. wage growth.
Strong Economy, Weak Labor Market : America’s economy has been on a long, uphill road since the infamous 2008-09 recession. Now, roughly a decade later, we’re near the top of that hill. Good news, right? Well, it’s mostly good news. That’s because it comes with a bit of bad news, too: Today, there are far less people looking for work, making it difficult to hire enough qualified temporary and permanent workers. So, what can you do to overcome this problem and find and retain workers? While there’s no silver bullet, we’ve illustrated several measures on our blog that you can take to hire workers and keep them on board long-term, or at least for the duration of their assignments.