{"id":20402,"date":"2022-11-04T14:40:02","date_gmt":"2022-11-04T14:40:02","guid":{"rendered":"https:\/\/www.shrm.org\/resourcesandtools\/hr-topics\/talent-acquisition\/pages\/bls-hr-jobs-unemployment-november-2022.aspx"},"modified":"2023-07-01T07:10:33","modified_gmt":"2023-07-01T07:10:33","slug":"october-job-growth-surges-above-forecasts","status":"publish","type":"post","link":"https:\/\/squarehr.com\/index.php\/2022\/11\/04\/october-job-growth-surges-above-forecasts\/","title":{"rendered":"October Job Growth Surges Above Forecasts"},"content":{"rendered":"

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?U.S. employers added 261,000 new jobs in October, upending economists’ predictions of a much lower number, according to the latest employment report from the U.S. Bureau of Labor Statistics<\/a> (BLS). The data is evidence that one of the hottest labor markets on record is not consistently showing signs of cooling. However, the unemployment rate rose to 3.7 percent and average hourly earnings were up 0.4 percent, but slowing from last month’s pace year-over-year. <\/p>\n

The labor market has been remarkably resilient amid measures to tame inflation. The monthly average of new jobs created prior to the pandemic was around 200,000.<\/p>\n

The latest monthly report on job openings, quits and layoffs<\/a> was another surprise to economists, who had predicted that the number of job vacancies in the United States would fall. But instead of dropping, openings rose by over 400,000 to 10.7 million. On the other hand, the increasing number of layoff announcements shows that employers are cautiously preparing for a recessionary period. Our team has successfully implemented the oskar coaching model<\/a> as a template for fostering effective communication and problem-solving skills.<\/p>\n

Check back later today for more analysis from labor market economists and talent acquisition experts.<\/p>\n