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Gauging the October Jobs Report: Which industries are hiring?

Volume I, Edition 23

The Talent Compass: Gauging the October Jobs Report: Which industries are hiring?

The Bureau of Labor Statistics released the October jobs report on friday, which showed that employers slowed their hiring in October, while still hiring a modest 150,000 jobs. The report could be a sign of persistent expectations for a slowdown and possibly taking some heat off the Federal Reserve in its fight against inflation. Each month 360 does our best to provide you with a summary of the report as well as how to navigate trends in the ever evolving market. 

That data is solid enough to suggest that many companies still want to hire and that the economy remains sturdy. And job growth would have been higher in October if not for the now-settled United Auto Workers’ strikes.

Some highlights of the report: 

    • Health care added 58,000 jobs in October, in line with the average monthly gain of 53,000 over the prior 12 months. Over the month, employment continued to trend up in ambulatory health care services (+32,000), hospitals (+18,000), and nursing and residential care facilities (+8,000). 
    • In October, construction employment continued to trend up (+23,000), about in line with the average monthly gain of 18,000 over the prior 12 months. Employment continued to trend up over the month in specialty trade contractors (+14,000) and construction of buildings (+6,000).
    • Employment in manufacturing decreased by 35,000 in October, reflecting a decline of 33,000 in motor vehicles and parts, largely due to strike activity.
    • In October, employment in leisure and hospitality changed little (+19,000). The industry had added an average of 52,000 jobs per month over the prior 12 months.
    • Employment in professional and business services was little changed in October (+15,000) and has shown little net change since May. Employment in temporary help services changed little over the month (+7,000), but is 229,000 below its peak in March 2022.
    • In October, employment in transportation and warehousing was little changed (-12,000) and has shown little net change over the year. Over the month, warehousing and storage lost 11,000 jobs, while air transportation added 4,000 jobs.  

Click here to read the full report

Companies doing things differently

Despite the slight decline in hiring, coffee giant Starbucks has outperformed earnings expectations for last quarter. Starbucks’ strong quarter saw it outperform expectations on revenue, which was $9.37 billion compared to an expected $9.29 billion.

According to executives they attribute much of the coffee chain’s success this quarter to a new plan to improve working conditions in stores, meant to help employees do their jobs better. Starbucks improved pay and scheduling headaches for in-store employees, replaced old equipment, and lowered turnover, all part of an effort to “reinvigorate the partner culture at Starbucks.” 

Emerging trends to increase productivity

This trend seen at Starbucks is becoming more popular across the U.S. economy where productivity increases with growth in hourly wages and salary. When the labor market is tight and unemployment is low, companies have to look for new ways to invest to ensure that their business runs more efficiently, as they cannot rely on manpower alone. Investing in increasing employee wages, employee training, and new equipment are some ways that organizations can increase productivity. 

Are you curious to know how your company compares in your industry? Click here to set up a call to learn more about how we can help you recruit and retain the right talent and we will provide a complimentary compensation analysis to see how you measure up against your competitors. 

360 Talent Avenue and Lacey Menchen win TWO 2023 Global Recognition Awards

360 and Lacey Menchen have won TWO Global Recognition Awards for 2023. These highly regarded awards recognize businesses and individuals from all over the world for their exemplary achievements and contributions to their respective industries. 

Our mission since day one has been to disrupt an 80 year old industry, and we are excited and honored to be noticed within the business world for our vision and leadership. Click here to read the full press release

This weekend we celebrate and honor America’s veterans for their patriotism, love of country and willingness to serve and sacrifice for the common good. To all Veterans, 360 wants to say “Thank You” for your sacrifice, your bravery, and the example you set for us all.

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