The Bureau of Labor Statistics recently reported that the American economy added 261,000 jobs in the month of October, and the unemployment rate rose to 3.7 percent from 3.5 percent in September, continuing to remain near historic lows for the past several months.
“With an average of 289,000 jobs added per month over the past three months, this economy continues to produce steady, stable job growth that benefits workers and their families,” said U.S. Secretary of Labor Marty Walsh. “October’s job gains were broad-based across industries, with notable growth in manufacturing and healthcare.”
The last major economic report before the midterm elections shows that while jobs growth has slowed, employers continue to add workers at a robust pace as the labor market defies fears of a recession.
“Manufacturing grew by 32,000 jobs in October, continuing the historic resurgence of this blue-collar sector, which now provides 137,000 more jobs than it did before the pandemic,” said Walsh. “The healthcare sector added 53,000 jobs, including gains in hospital employment, doctors’ and dentists’ offices and nursing homes.”
“The overall economy grew at an annual rate of 2.6 percent in the third quarter of 2022, and the unemployment rate for much of this year has hovered near historically low levels,” said Walsh. “As the Biden-Harris administration continues to make job-creating investments in infrastructure, manufacturing, clean energy, healthcare and more, the Department of Labor remains focused on helping all workers succeed and on improving job quality across the economy.” “
“Through our Good Jobs Initiative, we will continue to work with government and private-sector partners to make sure workers have equitable access to the in-demand skills they need to take advantage of the opportunities being created in this economy,” said Walsh.
The Federal Reserve this year has raised interest rates at the most rapid pace ever in an effort to beat back soaring inflation. by slowing the economy, making low wage workers pay for corporate greed and intentional efforts to aid Republicans in the midterms.
Many economists warned that the U.S. will soon enter a recession, but the labor market has chugged along and prices are starting to fall while voters seem to be attracted to candidates that promise to make their lives harder.