US Nonfarm Payroll Increases by 261,000 in October; Unemployment Creeps Higher to 3.7%

The US Bureau of Labor Statistics (BLS) reported today (11-4-22) that total nonfarm payroll employment increased by 261,000 in October. Monthly job growth has averaged 407,000 thus far in 2022, compared with 562,000 per month in 2021. The BLS notes that Hurricane Ian had no discernible effect on the national employment and unemployment data for the month.

The BLS is reporting that job growth was widespread in October, with notable growth occurring in the following industries:

  • Health care added 53,000 new jobs
  • Professional and business services added 43,000 new jobs
  • Leisure and hospitality added 35,000 new jobs, with accommodations adding 20,000 jobs
  • Manufacturing added 32,000 new jobs
  • Social assistance added 19,000 new jobs
  • Construction added 19,000 new jobs
  • Wholesale trade added 15,000 new jobs

Employment was little changed in other major industries, including mining, construction, retail trade, information, other services, and government.

In October, the unemployment rate increased by 0.2% to 3.7%. The number of unemployed persons rose by 306,000 to 6.1 million. The BLS notes that the unemployment rate has been in a narrow range of 3.5% to 3.7% since March.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.