Home » Here’s where the jobs are for October 2022 — in one chart

Here’s where the jobs are for October 2022 — in one chart

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Jobs growth beat expectations in October This was in part due to strong increases in the manufacturing, healthcare, professional and business services sectors.

Manufacturing employment rose by 32,000 last month, boosted by growth in the durable goods sector, according to the Labor Department. This progress has brought the sector’s annual average monthly job growth to 37,000, compared to 30,000 monthly in 2021.

Some market participants feel the increase is significant given the sharp slowdown in spending on goods in the economy this year as consumers shift more spending towards services. .

“A manufacturing gain of 32,000 suggests the economy is far from a meaningful slowdown,” TradeStation Group’s David Russell said in a note on Friday.

The health care and social assistance sectors also posted strong growth, adding 71,100 jobs last month. In the healthcare sector alone, he added 53,000 jobs in October. This was driven by growth in outpatient health care services and nursing and residential care facilities.

According to the Labor Department, health care jobs will increase by an average of 47,000 per month in 2022, well above last year’s 9,000 monthly job additions.

“People have been delaying a lot of procedures over the past few years because of the coronavirus, so they’re doing hip replacements and things that were somewhat optional,” said Scott Radner of Horizon Investments. Told. “These procedures are starting to proliferate.”

Leisure and hospitality employment, meanwhile, continues its upward trend, adding 35,000 jobs in October. Employment growth in the sector was largely driven by an increase in accommodation employment, which increased by 20,000 last month. Jobs in restaurants and eateries remained largely unchanged and increased by 6,000.

The sector is still down by 1.1 million, or 6.5%, from pre-pandemic levels, according to the Labor Department.

Professional and business services is also a standout sector, adding 39,000 jobs in October.

However, the October jobs report showed several sectors lagging behind in these areas. Financial activity increased by just 3,000 jobs as employment in the sector has “little changed” over the past six months, according to the Labor Department. Construction added just 1,000 jobs in October.

The retail sector also remained largely unchanged heading into the holiday season, adding 7,200 jobs.

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