US Gains 11,800 Temp Jobs in October; Total Employment Up by 261,000 Jobs

The US gained 11,800 temporary jobs in October from September for total temp jobs of nearly 3.2 million, the US Bureau of Labor Statistics reported today.

Total nonfarm employment rose in October with the US gaining 261,000 jobs, bringing the number of jobs to more than 153.3 million. Monthly job growth has averaged 407,000 thus far in 2022, compared with 562,000 per month in 2021.

The temp penetration rate — temp jobs as a percentage of total employment — remained at 2.07 in October, unchanged from September.

“Whatever economic clouds may be on the horizon for 2023, current conditions in the US labor market remain very strong, from job gains to job openings to elevated quit rates,” said Timothy Landhuis, VP of research at Staffing Industry Analysts. “As such, the environment remains very favorable for US staffing firms, especially those with strong recruiting and retention capabilities.”

The bureau also reported the US unemployment rate rose to 3.7% in October, up from 3.5% in September to the same level it had been in August. The college-level unemployment rate also increased — edging upward to 1.9% in October from 1.8% in the previous month.

Notable job gains occurred in healthcare, which added 53,000 jobs in October; professional and technical services, up 43,000 jobs; and manufacturing, which rose by 32,000 jobs. So far in 2022, healthcare employment has increased by an average of 47,000 per month, compared with 9,000 per month in 2021.

The labor force participation rate was unchanged in October at 62.2%.

Hurricane Ian did not have a discernible effect on employment data for October.

For more coverage of the job report, download an analysis by Staffing Industry Analysts.

Original Article: (https://www2.staffingindustry.com/Editorial/Daily-News/US-gains-11-800-temp-jobs-in-October-total-employment-up-by-261-000-jobs-63554)