Posted November 3, 2023

October employment down in manufacturing

Total nonfarm payroll employment increased by 150,000 in October, and the unemployment rate changed little at 3.9%, the U.S. Bureau of Labor Statistics reported on November 3. Employment declined in manufacturing due to strike activity.

In October, construction employment continued to trend up (+23,000), about in line with the
average monthly gain of 18,000 over the prior 12 months. Employment continued to trend up over the month in specialty trade contractors (+14,000) and construction of buildings (+6,000).

Employment in manufacturing decreased by 35,000 in October, reflecting a decline of 33,000 in motor vehicles and parts that was largely due to strike activity.

Over the month, employment showed little change in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; retail trade; financial activities; and other services.

Both the labor force participation rate, at 62.7%, and the employment-population ratio, at 60.2%, changed little in October. 

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