Unemployment rate rises slightly in October

by NAFCU Newsroom

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).

 

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