In October, the U.S. economy added 12,000 new jobs, with the primary gains being concentrated in healthcare (+52,300), government (+40,000) and construction (+8,000). Other industries Aston Carter supports experienced the following job growth and loss last month: aerospace and defense (+2,500), architecture and engineering (+3,500), automotive (-6,000), manufacturing (-46,000), scientific research and development (+400) and utilities (-1,700). The two hurricanes that impacted the southeast region in October likely impacted employment estimates, so adjustments to these figures may be noted in future reports.
The unemployment rate was unchanged at 4.1% between September and October. The labor force participation rate remained relatively unchanged, falling slightly from 62.7% to 62.6%.
Unemployment rates, specific to the industries Aston Carter supports, were as follows for October: Finance and insurance (2.7%), professional and business services (4%), hospitals (1.7%), utilities (1.6%), professional and technical services (3.2%), manufacturing (3.4%), and construction (3.7%).
Among skilled labor categories Aston Carter sources talent for, unemployment in business and financial was 3.3% and office and administrative was 3.6%.
The year-over-year inflation rate increased by 2.6% between October 2023 and October 2024, slightly above September’s reading of 2.4%. Interest rates were also lowered by The Federal Reserve at their November meeting by 25 basis points, signaling inflation is moving in the right direction though it remains somewhat elevated.
Average hourly earnings increased by 4% between October 2023 and October 2024, the same as September. “Real” average hourly earnings increased by 1.4% between October 2023 and October 2024, showing that average hourly earnings are keeping up with inflation, though consumers may still be feeling the pressure of higher prices.
Labor Market Analysis
Unemployment declines to 4.1%, inflation increased by 2.4% for the 12 months ending in September.
Read More www.astoncarter.com/en/insights/labor-reports/october-2024-labor-market-analysis
Labor Market Analysis
Unemployment fell to 4.2%, inflation increased by 2.5% for the 12 months ending in August.
Read More www.astoncarter.com/en/insights/labor-reports/september-2024-labor-market-analysis
Labor Market Analysis
Unemployment rises to 4.3%, inflation declines for the fourth consecutive month.
Read More www.astoncarter.com/en/insights/labor-reports/august-2024-labor-market-analysis
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