Friday, November 4, 2022

US Jobs Report October 2022


By BLS 11/4/22

https://www.bls.gov/news.release/pdf/empsit.pdf 

The monthly jobs report shows jobs added in 2021 and 2022 by month

261000 in October 2022

263000 in September 2022

315000 in August 2022

528000 in July 2022

372000 in June 2022

390000 in May 2022

428000 in April 2022

431000 in March 2022

678000 in February 2022

467000 in January 2022

199000 in December 2021

210000 in November 2021

531000 in October 2021

194000 in September 2021

235000 in August 2021

943000 in July 2021

850000 in June 2021

559,000 in May 2021

278,000 in April 2021 

785,000 in March 2021

379,000 in February 2021

49,000 in January 2021

8,684,000 total

The US jobs deficit for January 2021 was 9.5 million minus 8.684 million jobs added = 861 thousand deficit.

Total nonfarm payroll employment increased by 261,000 in October 2022 and the unemployment rate moved from 3.5% to 3.7%. The number of unemployed persons moved from 5.0 million to 6.1 million.

Professional and business services jobs increased by 43,000 in October and is above February 2020 levels by 1,100,000 jobs.   

Financial jobs increased by 3,000 in October.  Employment in financial activities is 200,000 jobs above its February 2020 level.

Health care jobs increased by 53,000 in October and has recovered since February 2020.

Manufacturing jobs increased by 32,000 in October. Manufacturing employment is at its February 2020 level.

Construction added no jobs in October.

Wholesale added 15,000 jobs in October and has recovered since February 2020.

Transportation and Warehouse jobs increased by 8,000 in October offsetting an 8,000 loss in September..

Retail jobs did not increase in October.  Retail jobs are down by 208,000 since February 2020.

Leisure and hospitality jobs increased by 35,000 in October.  Jobs are down by 1.1 million since February 2020.

In October, employment showed little change in other major industries, including mining, construction, retail, information, other services, and government.

https://www.bls.gov/news.release/pdf/empsit.pdf

https://www.bls.gov/news.release/empsit.nr0.htm

In February 2020 the US Jobs Deficit was 9.5 million.  US Unemployment by industry has deficits since February 2020.

Industry      June   Sept   Oct     Feb    Apr    May   Aug   Sep

Hospitality  2.2M  1.6M  1.4M  1.5M 1.4M   1.3M  -1.1m -1.1m

Prof & Bus 632K  385K  215K+596k+738k +821k+1.1m +1.1m

Mfg            481K  353K  270K  178k   56k    17k     0k       0k

Construct   238K  201K  150K  11k   +8k   +40k   +40k   +59k

Mining       110K   93K    87K    62k  +73k  +80k   +96k   +102

Healthcare 508K  524K  460K  306k  250k  223k  -37k   +0k

Public Sch 582K  504K  575K  306k  306k  308k  -555k -555k

Pvt Schls   255K  172K  148K  148k  148k  115k  +115k +115k

SocialAsst 236K  204K  204K  152k  126k  126k   -53k   -53k

Media/Info 193K  108K  122K  122k  122k  122k  +117k +101k

Tran Whse 94K  +75K +149K+584k +674k+709k +759k +751k

Wholesale 192K  159K  158K  113k  1 57k   41k     -3k   +9k

Other Svc  297K  189K  169K   317k 317k  317k   -317k  -317k

Retail         303K  202K  140K  104k  284k+159k  -208k  -208k

Totals        6.3M   4.6M   4.9M  3.8M  2.9M 2.6M  -1.34k -10.8k

Industries with current deficits as of 10/4/22 include Hospitality, Public Schools, Retail and Other Services.

https://www.bls.gov/news.release/pdf/empsit.pdf

https://www.bls.gov/news.release/empsit.nr0.htm

The Employment Situation-August 2021 (bls.gov)

Comments

The US Jobs deficit was 9.5 million in January 2021. This is the shortfall between jobs held in February 2020.

Over 5 million illegal immigrants entered the US since January 2021. I expect they will take government welfare in addition to jobs in food service, landscaping and drug cartel jobs. Over 1 million legal immigrants arrive each year and 2 million US students graduate each year.

The US Labor Force Participation Rate 2021-2022

%     2021- 2022

62.2 October

62.3 September

62.4 August

62.1 July

62.2 June

62.3 May

62.2 April

62.4 March

62.3 February

62.2 January 2022

61.9 December

61.8 November

61.6 October

61.6 September 

61.7 August 

61.7 July

61.6 June

61.6 May

61.7 April

61.5 March

61.4 February

61.4 January 2021

https://tradingeconomics.com/united-states/labor-force-participation-rate

Norb Leahy, Dunwoody GA Tea Party Leader

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