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Special Report

Employment Research Brief

October 2022

Ongoing Job Growth Reflects Economy’s
Resilience, but Portends Fed Response

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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