Research Brief: Employment – October 2022

Hiring continues, but signs of slowdown emerging. The labor market welcomed 263,000 new jobs in September, above the long-term monthly average, but below the mean pace set so far this year of 420,000 positions. Hiring was heavily concentrated in sectors that are still recovering — most notably leisure and hospitality — and in fields of critical need, such as healthcare. Combined, both sectors added 143,000 staff. Other industries, including financial activities, transportation and warehousing declined. While overall a positive report, September’s jobs figures indicate a partial slackening in labor demand, building off August’s 1.1 million contraction in open positions.

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