Economic Buzz: US Unemployment Rate Rises To 3.7% In October

7 Nov 2022 , 08:41 AM

Employment in the U.S. increased by more than expected in the month of October, according to a closely watched report released by the Labor Department on Friday. The report showed non-farm payroll employment jumped by 261,000 jobs in October after surging by an upwardly revised 315,000 jobs in September. The Labor Department said the stronger than expected job growth reflected notable job gains in the healthcare, professional and technical services, and manufacturing sectors. Meanwhile, the report showed the unemployment rate rose to 3.7 percent in October from 3.5 percent in September. The increase in the unemployment rate came as the household survey measure of employment decreased by 328,000, while the labor force shrank by 22,000. The report showed average hourly earnings climbed by $0.12 or 0.4 percent to $32.58. The annual rate of wage growth still slowed to 4.7 percent in October from 5.0 percent in September.Powered by Commodity Insights