U.S. nonfarm payroll employment increased by 12,000 jobs in October, according to the Bureau of Labor Statistics, and the unemployment rate was unchanged at 4.1 percent.
It is not yet clear if the data reflects a slowing employment market or the effects of a challenging data collection period — Hurricane Milton made landfall in Florida during reference period. BLS noted, “The initial establishment survey collection rate for October was well below average. However, collection rates were similar in storm-affected areas and unaffected areas.”
One sign that the employment market may be slowing: the jobs gains in August and September were revised downward, to 78,000 and 223,000, respectively.
By employment category, the biggest gains were seen in healthcare, which added 52,000 jobs, and government, which added 40,000 jobs. Professional and business services declined by 47,000 jobs, reflectin