Key Takeaways:
- Job listings are likely to decrease in October.
- Certain job markets are dominating hiring.
- WageScape is predicting a decrease in available jobs for October.
The September jobs report was a shocker nonetheless with record setting numbers leaving economists, data analysts, and the government stumped. Will the October report be just as impactful? Economists are predicting that an economy with below a 4% employment rate can sustain such job growth. WagScape agrees as we are predicting a decrease in the number of jobs added in October 2023.
According to the U.S. Labor Department’s job report for September 2023, employers added 336,000 new jobs and the unemployment rate was 3.8%.
If this data prediction is true, what will this inconsistent labor market mean for our economy? It seems that auto, entertainment, and healthcare hiring numbers have been distorting these drastic changes to the labor market. Will these markets finally cool?
Stay tuned for more valuable data insights and predictions for WageScape. 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 post-job report.
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