Job Market Shows Mixed Signals in October

In October, private companies added 42,000 jobs, surpassing expert predictions. This follows a drop in September, where 29,000 jobs were initially reported lost. However, adjustments revealed a smaller decline.

Sector-Specific Highlights

• Trade, Transportation, and Utilities: +47,000 jobs
• Education and Health Services: +26,000 jobs
• Information Services: -17,000 jobs
• Professional and Business Services: -15,000 jobs
• Manufacturing: -3,000 jobs

Business Size Matters

• Large Companies: Added jobs.
• Small Businesses: Lost 34,000 jobs, raising concerns as they typically drive job creation.

Wages on the Rise

• Workers Staying in Jobs: +4.5% raise
• Job Switchers: +6.7% raise

Yearly Trends and Fed Response

Despite an average of 60,000 jobs added per month this year, recent months have seen slower growth. The Federal Reserve has cut interest rates, prioritizing job stability over inflation concerns.

Government Shutdown Impact

The official government job report was delayed due to a shutdown, leaving a gap in understanding the full job market picture.