By: Kellie Lail
The Bureau of Labor Statistics has released its October 2023 Report, so let’s take a look at how employment fared over the last month.
The great news is:
- In October, total nonfarm payroll employment increased by 150,000 people.
- Government, social assistance, and health care garnered the largest share of new jobs in October.
- In October, average hourly earnings for private non-farm payroll jobs increased by 0.2%, or 7 cents, to $34. Over the past 12 months, average hourly earnings have increased by 4.1%.
The good news is:
- The average work week for private non-farm payroll employees decreased by 0.1 hours to 34.3 hours in October.
The bad news is:
- In October, the unemployment rate increased by 0.1% to 3.9%, or 6.5 million people.
- The labor force participation rate decreased slightly at 62.7%. Until August, this rate had remained at 62.6% since March of 2023.
- The number of people not in the labor force who currently want a job decreased slightly at 5.4 million people. Keep in mind, these 5.4 million people were not counted as unemployed because they were unavailable to take a job or were not actively looking for work in the 4 weeks preceding the survey.
- The number of discouraged workers who believed there were no jobs available to them increased slightly from September to 416,000 people.
- The number of long-term unemployed, people who were without a job for 27 weeks or more, was mildly increased at 1.3 million people, accounting for 19.8% of total unemployed persons.
Keep in mind: With the number of unemployed persons remaining relatively steady over recent months, competition in the job market continues to build. Transparency is key. You want to ensure candidates know exactly what they are signing up for when applying to your job. To attract the best candidates, you must show them that you are the most competitive employer in terms of salary, benefits, career stability, remote or flexibility options, and career growth opportunities. Also, it is incredibly important to ensure you are meeting all of the job board guidelines to ensure your jobs are visible. Check out our Help Center or reach out to our Support Team to ensure your ad meets board guidelines.