October employment report released much weaker than expectedAnd job growth across different industries paints a mixed picture for the U.S. economy.
The biggest contributor last month came from health care and social assistance, which added 51,300 jobs, according to data from the sector Bureau of Labor Statistics. If private education were included in the health care category, as some economists do, the increase in that category would be even greater, to 57,000.
The government sector had the second-highest growth during the period, with a 40,000 job surge. That’s close to the group’s average monthly gain of about 43,000 over the past 12 months.
At the same time, wholesale trade and construction also grew, with increases of 10,400 and 8,000 respectively.
However, other industries saw huge losses. Professional and business services led the decline, with a decline of 47,000. Manufacturing followed, down 46,000.
It is worth noting that Bureau of Labor Statistics The strike activity was cited as a driving factor in the decline in manufacturing. Boeing mechanics strike It’s been going on for over seven weeks. On Thursday, however, Boeing and the unions struck a sweeter deal. Contract offers to be voted on Monday.
Julia Pollak, chief economist at ZipRecruiter, said that while the report “largely” reflected the impact of strikes and storms, e.g. Hurricane Helen and Miltonthis is not necessarily a “flash in the pan”.
“This is very consistent with what we’ve seen over the past two years overall and the continued slowdown in the labor market,” she told CNBC. “The main issue in the labor market continues to be restrictive monetary policy, not strikes and storms, That’s actually what we’re seeing consistently.”
Leisure and hospitality industry leads region’s job growth September reportand retail trade are two other key areas affected by the decline. The former lost 4,000 jobs, while the latter lost even more, to 6,400.
