Employment Situation – October 2024
Friday, November 1, 2024 Total nonfarm employment remained unchanged in October (+12,000) The U.S. Bureau of Labor Statistics reported that the unemployment rate remained steady at 4.1%. The upward trend in employment continued in health care and government, while temporary help services saw job losses. Manufacturing employment also declined due to strike activity.
Household Survey Data
The unemployment rate remained steady at 4.1% in October, with the number of unemployed people remaining at 7.0 million.
These measures remain higher than the previous year, when the unemployment rate was 3.8% and the number of unemployed people was 6.4 million. nFor worker groups, the unemployment rate for adult men was 3.9%, adult women was 3.5%, and teens was 13.8%.
By race, the unemployment rate was 3.8% for whites, 5.7% for blacks, 3.9% for Asians, and 5.1% for Hispanics.
Statement on the Impact of Hurricanes Helen and Milton on Employment
Hurricane Helene struck the Gulf Coast of Florida on September 26, 2024, tracking northward into several states. This was followed by Hurricane Milton, which struck Florida on October 9, 2024, during the reference periods for both surveys. Prior to Milton’s arrival, widespread evacuations of Florida residents were in effect. In October, the household survey was conducted according to standard procedures, and response rates were within the normal range. However, the initial establishment survey data collection rate was well below average.
Collection rates were similar in affected and unaffected areas. The timing and length of the establishment data collection affected the process, lasting 10 days in October. The survey estimation procedures for households and establishments remained unchanged.
Employment estimates in some industries were affected by the hurricanes, but it is not possible to determine the net impact at the national level.
Unemployment data
In October, 1.8 million people lost their permanent jobs, while 846,000 remained temporarily laid off. The number of people unemployed for a long period (27 weeks or more) held steady at 1.6 million, compared to 1.3 million a year ago. The long-term unemployed accounted for 22.9% of the total unemployed. The labor force participation rate was 62.6%, and the employment-to-population ratio was 60.0%, with little change in October. These measures show little change over the past five years.
Part-time employment data
The number of people working part-time for economic reasons remained steady at 4.6 million in October.
These individuals would prefer to work full-time, but are working part-time because of reduced hours or because they cannot find work.
The number of people who are not in the labor force and are currently looking for work was 5.7 million, with no significant change in October.
These are not counted as unemployed because they did not actively look for work in the previous four weeks. Of these, the number of marginally attached workers remained steady at 1.6 million.
These workers wanted work and were available for work, but had not looked for work in recent weeks. The number of discouraged workers, who believe there are no jobs available, was 379,000 in October.
Establishment Survey Data
Total nonfarm employment was unchanged in October (+12,000), after an average monthly gain of 194,000 jobs over the previous 12 months. Employment continued to rise in health care and government, while temporary help services lost jobs.
Health care added 52,000 jobs in October, in line with an average monthly gain of 58,000 jobs.
Employment increased in outpatient health care services (+36,000) and nursing and residential care facilities (+9,000).
Employment Data by Sectors
In professional and business services, employment in temporary help services fell by 49,000 jobs in October.
Temporary help services jobs have fallen by 577,000 since their peak in March 2022. In manufacturing, employment fell by 46,000 jobs, with 44,000 jobs lost in transportation equipment manufacturing due to strike activity.
Employment in construction was little changed (+8,000), with an average of 20,000 jobs added per month over the past 12 months.
During the month, specialty contractors added 14,000 jobs for nonresidential projects.
Employment showed little or no change in other industries, including mining, trade, transportation, and hospitality. In October, average hourly earnings for all employees in the private nonfarm sector rose 13 cents, or 0.4%, to $35.46.
Over the past 12 months, hourly earnings have increased 4.0%. The average wage for non-supervisory workers rose 12 cents, or 0.4 percent, to $30.48.
Average Workweek Data
The average workweek for all employees in the non-farm private sector remained at 34.3 hours in October.
In manufacturing, the average workweek was little changed, at 39.9 hours, with average overtime hours falling 0.1 hour to 2.8 hours.
The average workweek for production and non-supervisory workers fell 0.1 hour to 33.7 hours.
The change in total non-farm employment for August was revised down by 81,000 jobs, from +159,000 to +78,000. The change for September was revised down by 31,000, from +254,000 to +223,000. With these revisions, employment in August and September combined fell by 112,000. These revisions result from additional reports from businesses and government agencies, as well as recalculations of seasonal factors.
The November employment situation is scheduled to be released on Friday, December 6, 2024, at 8:30 a.m. (ET).
