International Business Team Welcoming New Colleague Lady Standing At Office

Total nonfarm payroll employment gained 150,000 jobs in October, coming in below the current monthly 12-month average of +258,000, according to the latest BLS jobs report. The unemployment rate inched up to 3.9%, representing 6.5 million unemployed people, and labor force participation changed little at 62.7%.

Industries with the most gains in October included healthcare (+58,000), government (+51,000), and construction (+23,000). Professional and business services (+15,000) and temporary help services (+6,600) showed smaller increases in October. Meanwhile, strike activity in the motor vehicles and parts industry led to a job loss of 35,000 in manufacturing for the month.

The October report also included downward revisions for August (from +227,000 to +165,000) and September (from +336,000 to +297,000). This brings the total job gains over these two months to 101,000 jobs below previously reported numbers.