Unemployment remained at 4.1 percent for the third straight month in October, according to the U.S. Bureau of Labor Statistics.
Both the total unemployment rate and overall number of unemployed were higher than in October 2023, when unemployment was 3.8 percent and the number of unemployed was 6.4 million. Total nonfarm payroll employment was also essentially unchanged. The health care industry added 52,000 jobs, while the government sector added 40,000 jobs.
The manufacturing industry shed 46,000 jobs last month, the vast majority of which were in transportation equipment manufacturing due to the recent longshoreman’s strike on the East Coast and Gulf Coast. The number of unemployed remained at 7 million. Construction employment increased by 8,000 jobs last month, after adding 20,000 jobs on a monthly basis over the previous 12 months.
There were 1.6 million long-term unemployed, up from 1.3 million in October 2023 but unchanged from the previous month. The labor force participation rate, at 62.6 percent, and the employment-population ratio, at 60.0 percent, was unchanged.
Average hourly earnings for employees on private nonfarm payrolls increased 13 cents or 0.4 percent to $35.46. Average hourly earnings have increased 4 percent over the past 12 months. The average workweek for employees on private nonfarm payrolls remained at 34.3 hours.
“Employment showed little or no change over the month in other major industries, including mining, quarrying and oil and gas extraction; wholesale trade; retail trade; transportation and warehousing; information; financial activities; leisure and hospitality; and other services,” according to the Bureau of Labor Statistics.