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Here’s Where the Jobs Are for October 2022 – In One Chart

Here’s Where the Jobs Are for October 2022 – In One Chart

Here’s Where the Jobs Are for October 2022 – In One Chart

Job growth in October better than expected Thanks to strong gains in the construction, healthcare and professional and business service sectors.

According to the Labor Department, manufacturing jobs increased by 32,000 last month, driven by gains in the durable goods industry. That advance brought the sector’s average monthly job gain for the year to 37,000, compared to 30,000 per month in 2021.

Some market participants saw significant growth this year given the sharp slowdown in spending on goods in the economy, as consumers shift more of their spending to services.

“The manufacturing profit of 32,000 is far from slowing the economy in a meaningful way,” David Russell of TradeStation Group wrote in a Friday note.

The health care and social support sectors also posted strong gains last month, adding 71,100 jobs. By itself, the health care sector gained 53,000 jobs in October, fueled by on-going health care services as well as growth in nursing and residential care facilities.

According to the Labor Department, employment in health care increased by an average of 47,000 per month in 2022, far more than the 9,000 job gains per month posted last year.

Scott Ladner of Horizon Investments said, “Over the years people have delayed a lot of procedures because of COVID, so hip replacements and things that were somewhat optional.” “We’re starting to see the growth of those processes come back.”

Meanwhile, leisure and hospitality employment continued its upward trend, adding 35,000 jobs in October. Job growth in the sector was primarily driven by growth in housing jobs, which added 20,000 last month. Jobs in restaurants and drinking establishments changed little, up to 6,000.

According to the Labor Department, the sector still holds 1.1 million jobs, or 6.5% below its pre-pandemic level.

Professional and vocational services was also an exceptional sector, adding 39,000 jobs in October.

However, many sectors outperformed those in the October jobs report. The Labor Department said financial activity increased by just 3,000, as employment in the sector “has changed little” over the past six months. Construction added just 1,000 jobs in October.

The retail business sector also changed little during the holiday season, with just 7,200 jobs.



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