The Latest From the BLS Employment Report: 161,000 Jobs Added in October
The US economy added 161,000 jobs in October, and the unemployment rate dropped slightly, according to data released Friday by the Bureau of Labor Statistics. The unemployment rate – which has held at 4.9 percent since the spring – inched up to 5 percent in September but has dropped back down to 4.9 percent in October.
In October, employment continued to trend up in healthcare, professional and business services, and financial services. The change in total nonfarm payroll employment for August was revised up from 167,000 to 176,000 and the change for September was revised up from 156,000 to 191,000. With these revisions, employment gains in August and September combined were 44,000 more than previously reported. Over the past 3 months, job gains have averages 176,000 per month.
Economists predicted 175,000 additions ahead of this morning’s jobs report and the report did not quite meet expectations. 161,000 jobs were added this month which is nearly in line with the six months growth pattern.
This Month’s Report
Let’s break down the numbers from this month’s report:
In October, hourly wages rose $0.10 to $25.92 per hour, bringing the year-over-year wage percentage increase to 2.8%. The unemployment rate dipped slightly at 4.9%.
- $25.92 October
- $25.79 September
- + 10 cents month-over-month
- + 2.8% year-over-year
- 4.9% October
- -0.1% decrease month-over-month
- -0.1% year-over-year
- 5.0% September
- 4.9% October
In-Depth Look: Legal Industry
Let’s take a deeper dive into this month’s legal industry numbers:
- Legal Services
- Month-over-month change: -1,000
- 1,500 jobs added since October of last year
- Previous Months:
- September 400
- August 0
- July – 200
- Professional and business services
- Month-over-month change: +43,000
- +542,000 jobs added year-over-year
The unemployment rate for the subsector that includes legal services slightly dipped and now sits at 3.0%.
With job growth remaining steady, understanding your workforce continues to be key to recruiting and retaining top legal talent.
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