October’s labor market saw continued growth with a total of 261,000 jobs gained overall — 233,000 in the private sector and 28,000 in government employment. The unemployment rate ticked up to 3.7% as the labor force participation rate declined slightly to 62.2%. Among other factors preventing some from participating in the labor force, total persons who missed work in October due to an illness-related absence increased 8%. Compared to the pre-pandemic average, childcare availability remains a huge barrier with 135% more parents missing a week of work as they face childcare challenges. Job openings jumped from last month’s 10.1M to 10.3M — a staggering 54% higher than pre-pandemic levels. Furthermore, the overall number of quits declined to 4.06M but remains 17% higher than pre-pandemic levels. Overall, as the number of job openings continues to climb, the labor market remains tight for most industries even as demand begins to decelerate.
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Labor Market Analysis
Job growth increased in September, with 336,000 jobs added — while the unemployment rate remains historically low.
Read More www.astoncarter.com/en/insights/labor-reports/october-2023-labor-market-analysis
Labor Market Analysis
Job growth accelerated in May with 339,000 jobs added — 283,000 of which were in the private sector and 56,000 of which were in the public sector.
Read More www.astoncarter.com/en/insights/labor-reports/june-2023-labor-market-analysis
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