Here's where the jobs are for October 2022 - in a graph

Job growth was better than expected in October, thanks in part to strong gains in manufacturing, health care, and professional and business services.

Manufacturing jobs rose by 32,000 last month, boosted by gains in the durable goods industry, according to the Labor Department. The advance brought the sector’s average monthly job gain for the year to 37,000, up from 30,000 per month in 2021.

Some market participants found the increase notable given the marked slowdown in spending on goods in the economy this year, as consumers shift more of their spending to services.

“The manufacturing gain of 32,000 suggests the economy is far from slowing significantly,” TradeStation Group’s David Russell wrote in a Friday note.

The health care and social assistance sector also posted strong gains, adding 71,100 jobs last month. The healthcare sector alone gained 53,000 jobs in October, spurred by growth in ambulatory care services, as well as nursing and residential facilities.

According to the Labor Department, employment in the health sector has increased by an average of 47,000 per month so far in 2022, surpassing the 9,000 job gains posted per month last year.

“People have delayed a lot of procedures because of Covid over the last two years, so hip replacements and things that were kind of optional,” said Scott Ladner, CIO of Horizon Investments. “We’re starting to see an upsurge in these procedures coming back.”

Leisure and hospitality employment, meanwhile, continued its upward trend, adding 35,000 jobs in October. Job growth in the sector was mainly driven by an increase in accommodation jobs, which added 20,000 last month. Positions in restaurants and drinking places remained little changed, up 6,000.

The sector is still down 1.1 million jobs, or 6.5%, from its pre-pandemic level, according to the Labor Department.

Professional and business services also stood out, adding 39,000 jobs in October.

However, several sectors lagged behind these areas in the October jobs report. Financial businesses gained just 3,000 as employment in the sector was “little changed” in the past six months, the Labor Department said. Construction only added 1,000 jobs in October.

The retail sector was also little changed heading into the holiday season, adding just 7,200 jobs.

By Admin

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