Leer en Español
Unemployment in the United States rose in October to 6.1 million, a figure that puts the rate at 3.7%, two tenths higher than in September, according to data released Friday by the Bureau of Labor Statistics (BLS).
In October, 261,000 new jobs were created, 2,000 fewer than the previous month, at a time when all eyes are on the effects that interest rate hikes to contain inflation may already be having on the labor market.
The data is published four days before the mid-term elections, which will be the great litmus test for Joe Biden’s administration, for whom the strength of the U.S. labor market is one of the few sources of consolation in his economic performance.
It is also published two days after the Federal Reserve decided to raise interest rates for the sixth consecutive time, three-quarters of a point, to a range of 3.75% and 4%, the highest level in the last 15 years.
These increases could have an effect on the labor market and will continue at least until the end of the year, as announced by the Fed, in an attempt to control runaway inflation (8.2%).
The data released today shows a slight monthly slowdown in the labor market, as while 52,000 fewer jobs were created in September than in August, only 2,000 fewer were created in October than in the previous month.
However, compared to the half million jobs created in July (when levels similar to the pre-pandemic period were reached), the slowdown is notable.
Average monthly employment growth is at 407,000 so far in 2022, compared to 562,000 on average in 2021.
By sector, October saw notable employment gains in health care, professional and technical services, and manufacturing.
