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November 03, 2023US EMPLOYMENT, OCTOBER 2023 US Employment (October 2023 vs September2023)
The US Bureau of Labor Statistics reports that US non-farm payroll employment increased 150,000 in October 2023.
US employment rose consistently above pre-pandemic levels starting in June 2022, though the participation rate in the labour force remains lower.
The US unemployment rate increased 0.1 percentage point to 3.9% in October 2023. US unemployment rate returned to its pre-pandemic trend in January 2022 and remained relatively stable during 2022 and in the first ten months of 2023.
The US participation rate decreased 0.1 percentage point to 62.7%. At its lowest point in April 2020, the participation rate fell to 60.1%. Although the participation rate has recovered since then, it remains 0.6 percentage points lower than it was prior to the pandemic.
The US employment to population ratio decreased 0.2 percentage points to 60.2% in October 2023. The US employment rate has maintained a very gradual upward trend since the middle of 2013 and declined sharply in April 2020 due to COVID-19. Since reaching a recorded low of 51.3% ratio in April 2020, the US employment to population ratio increased to April 2022 and then remained largely flat in most of 2022. In the fall of 2022, the ratio returned to its gradual upward trend. The ratio was flat in the end of summer 2023 with a slight decline in the past month.
Note: Canadian and US labour force statistics refer to different working-age cohorts.
Sources: US Bureau of Labor Statistics news release, Commissioner's Statement on the Employment Situation retrieved using FRED API from Federal Reserve Bank of St. Louis
Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle
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