A comprehensive analysis of the October U.S. employment report will help you understand the current state of the U.S. economy and its future prospects.
A comprehensive analysis of the October U.S. employment report will help you understand the current state of the U.S. economy and its future prospects. In this report, we will decipher detailed data on the U.S. employment statistics that are not often discussed on other websites.
Education and health services:+57, 000, a particularly large increase
Construction: +8,000
Wholesale trade: +10,400
Retail trade: -6,400
Logistics and transportation: -3,700
Information: +3,000
Professional and business services: -47,000
Changes in the government sector
Total government sector: +40,000
Local government: +21,000
State Government: +18,000
Federal: +1,000
Other notable changes
Education and Health Services: Significant increases, especially in the education sector.
Specialized trades in construction: +7,700
Non-residential specialized trades: +14,300
**Average hours worked and wage changes**
The average workweek for the private sector as a whole remained stable at 34.3 hours, with a slight downward trend in the manufacturing sector. On the wage side, the average hourly wage in the total private sector increased from $34.10 to $35.46, and the average weekly wage also increased from $1,169 to $1,216. Hourly wages increased significantly, particularly in mining and forestry, from $38.64 to $39.98.
**Unemployment Rate Situation**
Overall (16 years and older)
The seasonally adjusted unemployment rate for October 2024 is 4.1%.
Unemployment Rate by Gender and Age
Men (16 years and older)
The unemployment rate for October 2024 is 4.3%.
Women (16 years and older)
The unemployment rate for October 2024 is 4.0%.
Youth (16–19 years)
The unemployment rate for October 2024 is 13.8%.
Adults (20 years and older)
The unemployment rate for October 2024 is 3.8%.
Unemployment Rate by Race
White
The unemployment rate for October 2024 is 3.8%.
Asian
The unemployment rate for October 2024 is 3.9%.
African American
The unemployment rate for October 2024 is 5.7%.
Hispanic or Latino
The unemployment rate for October 2024 is 5.1%.
Unemployment Rate by Education Level
High School Graduate Only
The unemployment rate for October 2024 is 4.0%.
Bachelor’s Degree or Higher
The unemployment rate for October 2024 is 2.5%.
Less Than High School
The unemployment rate for October 2024 is 6.6%.
Unemployment Rate by Disability Status
Persons with Disabilities
The unemployment rate for October 2024 is 7.6%.
Persons without Disabilities
The unemployment rate for October 2024 is 3.7%.
Unemployment Rate by Birthplace
Foreign Born
The unemployment rate for October 2024 is 5.2%.
Native Born (U.S. Born)
The unemployment rate for October 2024 is 3.7%.
Other Indicators
Long-Term Unemployment Rate (15 Weeks or More)
The unemployment rate for October 2024 is 2.0%.
Partial Unemployment Rate
The unemployment rate for October 2024 is 7.7%.
**Summary**
Overall, the U.S. job market is showing solid growth in the public sector and certain service sectors, while manufacturing and some retail trade sectors continue to experience job losses. Average wage growth has been observed in a number of sectors, most notably in the information industry and in education and health services.
