October jobs breakdown: Which industries hired the most workers last month?
SlateStone Wealth Chief Market Strategist Kenny Polcari discusses how the robust September jobs report could impact the Fed's inflation battle on 'Varney & Co.'
U.S. job growth cooled more than expected in October, but solid hiring in health care, construction and the government helped to boost the overall payroll figure.
Employers added 150,000 jobs in October, the Labor Department said in its monthly payroll report released Friday, fewer than the 180,000 jobs forecast by Refinitiv economists.
The unemployment rate, meanwhile, unexpectedly ticked up to 3.9%, the highest level in nearly two years.
US JOB GROWTH COOLS IN OCTOBER TO 150K WHILE UNEMPLOYMENT UNEXPECTEDLY RISES
Job seekers visit booths during the spring job fair at the Las Vegas Convention Center April 15, 2022. (K.M. Cannon/Las Vegas Review-Journal) / Getty Images)
«The jobs report points to a cooler labor market in October, and not entirely due to the UAW strike,» said Bill Adams, chief economist for Comerica Bank. «Other headwinds restrained job growth in October, too.»
Health care accounted for the biggest payroll gains last month, with the sector adding 58,400 jobs in October. Hospitals accounted for the biggest percentage of the gains, hiring 18,100 workers last month. There were also notable gains in the offices of physicians (12,600), home health care services (9,500) and outpatient care centers (8,100).
Hiring in government was the second-biggest contributor to the headline job gain last month. The sector hired 51,000 employees in October, with the biggest gains in local government education (26,400), which likely captures teachers returning for the start of the school year.
There were also notable gains in the construction sector last month, with
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