The October 2022 Jobs Report: What is the Current U.S. Employment Situation?

The U.S. Department of Labor October 2022 jobs report is out, and the data hints at a solid labor market heading into the holidays. Total nonfarm employment increased by 261,000 in October, and September’s number was revised to 315,000 (up by 52,000).

The unemployment rate rose .2 percentage points to 3.7%, continuing a back-and-forth between that number and 3.5% over the past few months. The labor force participation rate, at 62.2%, has shown little net change since early this year, while the number of unemployed persons rose to 6.1 million in October. Additionally, the BLS’s Job Openings and Labor Turnover Report from earlier this week showed that the number of people who quit their jobs eased slightly to 4.061 million in September, down from 4.184 million in August.

Other noteworthy statistics:

• Monthly job growth has averaged 407,000 so far in 2022, compared with 562,000 per month in 2021.
• The number of part-time workers who would have preferred full-time employment in October showed little change at 3.7 million. These workers were part time because their hours had been reduced or they were unable to find full-time jobs.
• In October, average hourly earnings for all employees on private nonfarm payrolls rose by 0.4% to $32.58. This brings the year-over-year increase to 4.7%, down from last month’s 5%.

Among the top industries hiring in October are health care, professional and business services, and manufacturing. Several sectors saw no growth in October, continuing a monthslong trend for those industries.

October saw modest growth, but there are still plenty of opportunities out there. Whether you’re a job seeker or employer, iHire’s platform is built to help you succeed.