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Special Report

Employment Research Brief

November 2022

Employment Growth Held Strong in
October, but Signs of Softening Sighted

Job creation robust in October. Hiring continued at a strong clip last month with the creation of 261,000 jobs, although the pace is decelerating. Employment growth averaged 562,000 positions per month in 2021 and 457,000 in the first seven months of this year. Since July, that tempo has moderated to 289,000, which is nevertheless about 60 percent above the 2010-2019 mean. Notable October onboarding occurred in professional and technical services, manufacturing and accommodation. The most staff additions were in the health care and social assistance sector, now surpassing the pre-pandemic high. As more industries pass this threshold, job growth is expected to slow overall, even as labor demand for certain professions stays high.

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