A slight uptick in unemployment in October is the one blemish on an otherwise strong employment picture for workers, according to data released by the Bureau of Labor Statistics on Nov. 4.
A significant number of jobs were gained in October and wages remain up overall. And hiring was stronger in industries that previously lacked growth, including health care and manufacturing. Health care gained 53,000 jobs. Throughout 2022, employment in health care increased by 47,000 on average per month, a stark contrast to the 9,000 on average added per month in 2019.
Another report released earlier this week from the Bureau of Labor Statistics — the Job Openings and Labor Turnover Summary, or JOLTS — showed job openings remained strong, rising to 10.7 million in September after a one-month blip in August when openings dropped by more than 1 million. The most significant increases in job openings were found in accommodation; food services; health care and social assistance; and transportation, warehousing and utilities.
While the overall employment picture looks rosy, multiple forecasts predict job losses in 2023. In September, the Federal Reserve projected unemployment would reach 4.4% next year. Bank of America BAC , meanwhile, projects an even higher unemployment rate of 5.5%.
Smoke and mirrors
Yes. Brandon has created a million hundred jobs.