In October, the US economy created 261,000 jobs, bringing the 3-month average to 289,000 jobs per month. The unemployment rate climbed to 3.7%, but remained near historic lows. No super-sector saw employment declines in October, with notable employment growth in manufacturing and healthcare. The average hourly wage increased by 4.7% compared to October 2021, a slower rate of growth than in previous months.
Manufacturing employment since February 2020
In 2022 alone, the manufacturing sector created 367,000 new jobs. Manufacturing increased by 32,000 jobs in October, continuing the historic resurgence of this labor sector, which now provides 137,000 more jobs than before the pandemic. This aligns with the Biden-Harris administration’s focus on supporting domestic manufacturing, supply chain resilience, and creating good jobs at home.
In October, in particular, a large part of the monthly job gains in the manufacturing sector were attributable to the manufacturing of durable goods (+23,000 jobs or 71% of manufacturing jobs added). Some of the largest monthly changes in durable goods manufacturing were seen in transportation equipment, computer and electronic products, and fabricated metal products. Each of these industries added 5,000 jobs in October.
Historic investments through the Bipartisan Infrastructure Act and the Cut Inflation Act are helping to spur manufacturing growth while improving our nation’s infrastructure and growing our clean energy economy. And through the Good Jobs Initiative, the Department of Labor is working with the whole of government to establish strong labor standards and fair pathways to good jobs in manufacturing and other growing industries that will help workers today – and strengthen our economy for the long term.
Joelle Gamble is the chief economist for the US Department of Labor.
