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Two men reading the October 2023 jobs report in the office.

October 2023 Jobs Report: A Look at September's Trends

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Executive Summary

By Nicholas Ault, Aston Carter Market Research Analyst

Job growth increased in September, with 336,000 jobs added — 263,000 in the private sector and 73,000 in the public sector. The unemployment rate remained at 3.8%, the highest rate since February 2022, but remains historically low. The labor force participation rate remained at 62.8%, close to the pre-pandemic level (63.3%). Unemployed workers per job opening remained the same (1.5), and job openings spiked to 9.6 million.

The core business areas Aston Carter supports were impacted in September, with finance and insurance jobs decreasing by 3,100 and professional and business services jobs spiking by 21,000.

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Sept 2023 jobs report trends: 336K jobs gained, 3.6M quit jobs & 3.8% unemployement rate.

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