The unemployment rate for adult males was 3.3 percent. It was as high as 11 percent for teens.
The unemployment rate in the US rose to 3.7 percent in October, while the number of non-farm jobs rose from 2,61,000 to 6.1 million.
The Bureau of Labor Statistics said significant job gains were achieved in health care, professional and technical services and manufacturing.
Professional and technical services added 43,000 jobs in October. Manufacturing added 32,000 jobs, mostly in the durable goods industries (over 23,000).
“Employment trends continue in management and technical consulting services (over 7,000), architectural and engineering services (over 7,000), and scientific research and development services (over 5,000), said the news release issued by the Bureau of Labor Statistics. Is.”
The update of adding jobs in tech companies has come amid massive layoffs in startups and big tech companies.
However, monthly employment growth in professional and technical services averaged 41,000 in 2022, down from 53,000 per month in 2021.
“The unemployment rate has been in a narrow range of 3.5 percent to 3.7 percent since March,” said the news released by the Bureau of Labor Statistics.
Among major labor groups, the unemployment rate for adult women rose to 3.4 percent in October, compared to 3.2 percent for whites.
The unemployment rate for adult males was 3.3 percent. It was as high as 11 percent for teens.
The unemployment rates for blacks (5.9 percent), Asians (2.9 percent), and Hispanics (4.2 percent) showed little or no change in October.
The New York Times reported that economists are expecting a calming of the labor market as higher interest rates make the growth of businesses more difficult. “While so far, other aspects of the economy, such as the housing market, have declined, even as recruitment has been remarkably resilient,” the daily said.
The US Federal Reserve raised interest rates on 3 November as it fights inflation. It raised the key policy rate by 75 basis points to a decade high of 3.75-4.0 per cent. This is the fourth consecutive increase.
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