The unemployment rate for October 2018 remained at 3.7 percent, the lowest rate since December of 1969. A whopping 250,000 jobs were added in the month of October. Additionally, the number of unemployed persons remained nearly unchanged with a total of 6.1 million people. Over the past 12 months, the number of unemployed persons decreased by 449,000 people and the unemployment rate has dropped 0.4 percent.
What’s really exciting about October’s report is the labor force participation rate rose to 62.9 percent while the number of job gains grew. This is a strong indication for the strength of the economy and the competitiveness of our current job market.
Revised jobs for August and September 2018
The Bureau of Labor Statics also reported revised job gains for August and September for this year. September’s job gains were revised down from 134,000 to 118,000. And for August, the number was revised up from 270,000 to 286,000. After revisions, the average monthly gains for jobs over the last three months has been a staggering 218,000 jobs.
Average hourly earnings increase
Average hourly earnings rose by $0.05 for an average hourly rate of $27.30. Over the last year, average hourly earnings have increased by $0.83 or 3.1%. This is the fastest growth of average hourly earnings in nearly a decade.
Employment numbers by industry
Employment in leisure and hospitality added 42,000 jobs in October. Unemployment was relatively unchanged in September, which is likely due to the impact of Hurrican Florence. Over the past two months, the average gain of 21,000 jobs was equal to the average monthly gain in the industry.
Once again, the Healthcare Industry experienced growth with the addition of 36,000 jobs. 13,000 of those jobs stem from the hospitals an 8,000 jobs in nursing and residential care facilities. Throughout the last 12 months, Healthcare employment has grown by 323,000 jobs.
The Manufacturing industry increased by 32,000 jobs, marking a 296,000 gain of jobs over the year. 10,000 jobs came from transportation equipment alone. Construction followed closely with a gain of 30,000 jobs in October. Construction job gains have totaled 330,000 jobs over the year with no sign of decline in sight.
Transportation and Warehousing added 25,000 jobs last month. Over the year, 184,000 jobs have been added. Professional and Business services continued to trend upward with a gain of 35,000 jobs and a total of 516,000 jobs over the year. Mining also saw growth with the addition of 5,000 jobs in the Month of October. Over the year, the industry has blossomed to a healthy 65,000 jobs added.
The employment in other major industries, including wholesale trade, retail trade, information, financial activities, and government showed little to no change throughout the month of October.
Check out our infographic below for more stats from the October 2018 Jobs Report:
