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November 4, 2022

Jobs Report: Hiring Stays Strong But Unemployment Rate Rises

Job growth remained solid in October, as employers added 261,000 payroll positions while the unemployment rate ticked up to 3.7%. The data probably won't alter the Federal Reserve's push to hike its key interest rate close to 5%. After the jobs report, Dow Jones futures strengthened, as the blue chip index tries to snap a […]

Job growth remained solid in October, as employers added 261,000 payroll positions while the unemployment rate ticked up to 3.7%. The data probably won't alter the Federal Reserve's push to hike its key interest rate close to 5%. After the jobs report, Dow Jones futures strengthened, as the blue chip index tries to snap a four-session losing streak.

Jobs Report Hits And Misses

Net hiring exceeded the 210,000 forecast.

The private-sector added 233,000 jobs vs. the 200,000 expected, while government jobs rose by 28,000.

The average hourly wage rose 0.4% on the month, topping expectations. Annual wage growth eased to 4.7%, as expected.

Job gains for August and September were revised up by a combined 29,000. The average job gain over the past three months is a strong 289,000.

The unemployment rate was expected to edge up to 3.6%. This month's 306,000 rise in unemployment came as 22,000 people left the labor force, meaning they're no longer looking for work, while the ranks of the employed fell by 328,000.

The share of the working age population (age 16 and up) participating in the labor force unexpectedly dipped to 62.2%.

The headline job and wage figures come from the Labor Department's monthly survey of employers. The separate household survey details labor force participation, work status and unemployment.

Article written by:  Orville Lynch, Jr.
Mr. Lynch, a member of the legendary two-time Ohio Civil Rights Hall of Fame Award winning Lynch Family. Mr. Lynch is a nationally recognized urban media executive with over 20+ years of diversity recruitment and serial entrepreneur with numerous multi-million dollar exits.

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