Saturday, November 4, 2023

US Jobs Report October 2023

By BLS 11/3/23 

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

The monthly jobs report shows jobs added in 2021, 2022 and 2023. by month.

150000 in October 2023

336000 in Septemver 2023

187000 in August 2023

187000 in July 2023

185000 in June 2023 rev dn 24000

314000 in May 2023 rev dn 25000

253000 in April 2023

236000 in March 2023

311000 in February 2023

517000 in January 2023

223000 in December 2022

263000 in November 2022

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

11,645,700 total

-49,000 rev total

Revised Total  11596700

Total nonfarm payroll employment increased by 150,000 in October 2023 and the unemployment rate moved to 3.9%. The number of unemployed persons moved to 6.5 million.

Health care jobs increased by 58,000 in October and has recovered since February 2020.

Social Assistance jobs increased by 19,000 in October.

Government jobs increased by 51.000 in October.  Government Jobs are now up since February 2020

Construction jobs increased by 23000 in October.

Leisure and hospitality jobs increased by 19,000 in October. Jobs were down by 180,000 since February 2020

Professional and business services increased by 15.000 in October and is above February 2020 levels by 1,000,000 jobs.

Manufacturing jobs decrease by 35000 in October.

Transportation and Warehouse jobs lost 12,000 jobs in October.

Information jobs lost 9.000 in October.

Retail jobs did not increase in October.  Retail jobs are down by 150,000 since February 2020

Financial jobs did not increase  in October.  Employment in financial activities is 200,000 jobs above its February 2020 level..

Other Services jobs did not increase in October.

Wholesale jobs did not increase in October.

Mining, Oil and Gas Extraction Jobs did not increase in October.

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

In February 2020 the US Jobs Deficit was 9.5 million.  US Unemployment by industry had deficits from February 2020.

                    2020                       2021

Industry      June   Sept   Oct     Feb    Apr    May   Aug   Dec

Hospitality  2.2M  1.6M  1.4M  1.5M 1.4M   1.3M  -1.1m -1m

Prof & Bus 632K  385K  215K+596k+738k +821k+1.1m +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    -40k

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   +0k

Other Svc  297K  189K  169K   317k 317k  317k   -317k  -300k

Retail         303K  202K  140K  104k  284k+159k  -208k  -200k

Totals        6.3M   4.6M   4.9M  3.8M  2.9M 2.6M  -1.34k - 0k

 

Industries with deficits as of 2/28/23 included 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 10 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 2 million legal immigrants arrive each year and 2 million US students graduate each year.

The US Labor Force Participation Rate 2021-2023

62.7 October 2023

62.8 September 2023

62.8 August 2023

62.6 July 2023

62.6 June 2023

62.6 May 2023

62.6 April 2023

62.6 March 2023

62.5 February 2023

62.4 January 2023

60.1 December 2022

62.1 November

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 2021

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

US Layoffs by Year

2023  194000

2022   93000

2021  10353000

Total 10640000

https://www.forbes.com/sites/brianbushard/2023/06/30/nearly-194000-laid-off-in-2023-so-far-as-us-layoffs-surge/?sh=3a3a2ce5777c

https://www.bls.gov/opub/mlr/2022/article/job-openings-and-quits-reach-record-highs-i

Jobs 2021-2023

Jobs restored 11633700

Job Lay-offs   10640000

Jobs created     993700

Comments

The 11633700 Jobs restored are off-set by the 10640000 Job Lay-offs to have 993700 Jobs created in 2021 to 2023.

Norb Leahy, Dunwoody GA Tea Party Leader

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