Newsroom
Unemployment rate rises slightly in October
The Bureau of Labor Statistics issued the October jobs report on Friday, which revealed that the unemployment rate rose slightly to 3.7 percent during the month. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.
“The October jobs report showed that the labor market is cooling,” said Long. “There was another large discrepancy between the household and establishment surveys. The former showed a rise in the unemployment rate despite a decline in labor force participation.”
Non-farm payrolls increased last month by 261,000, while the September (-23,000) and August (+52,000) payrolls were further adjusted.
Results among every major private sector industry were positive in October. Education and health led the way with 79,000 jobs, followed by professional and business services (+39,000), then leisure and hospitality (+35,000).
“However, the number of people working part-time for economic reasons fell, and the number of permanent job losers increased only slightly,” noted Long. “The establishment survey was better, indicating a gain of 261,000 jobs during the month. But that still represents the lowest monthly gain in nearly two years.”
Labor force participation was virtually unchanged at 62.2 percent. Average hourly earnings grew 12 cents in October, while year-over-year wage growth was at 4.7 percent.
“While there were some mixed signals in this report, it points to a market that is loosening incrementally,” concluded Long. “Next week’s CPI release will be more important to the FOMC, but job market trends support a step down to a 50-basis point rate hike in December.”
For more up-to-date economic updates from NAFCU's award-winning research team, view NAFCU's Macro Data Flash reports.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.