Key Takeaways:
- Job listings fell, but not as drastically as expected.
- Despite the Fed’s efforts in raising interest rates, the labor market continues to stay strong.
- The current state of the labor market is desperately affecting our economy.
Just when we thought the labor market would continue to fall gracefully, October took us by surprise with minimal loss in the number of available jobs compared to September 2022. The Fed’s efforts to slow the labor market by increasing interest rates is proving to not be effective at slowing the continuously strong market.
According to the U.S. Labor Department’s job report for October 2022, employers added 261,000 jobs and the unemployment rate remains at 3.7%. This has caused stocks and treasury yields to rise. The current state of the labor market is affecting our economy greatly as inflation continues.
Stay tuned for more valuable data insights and predictions for Greenwich HR. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the October pre-job report.
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