#United States #New York #U.S. Economy #Revelio Labs #Job Losses

U.S. Labor Market Faces Setback with 9,100 Jobs Lost in October

In a recent release from Revelio Labs, the October edition of the Revelio Public Labor Statistics (RPLS) indicates a concerning trend in the U.S. labor market, as it recorded a loss of 9,100 jobs for the month. This statistic comes amid ongoing bureaucratic issues, specifically the shutdown of the Bureau of Labor Statistics (BLS), which has prevented the official jobs report from being published for two consecutive months. Revelio's data provides a crucial window into the employment landscape at a time when traditional reports are on hiatus.

The report reveals that active job postings have dipped by 1.9% from the previous month. Meanwhile, salaries from new job postings did increase slightly by 0.7%. However, despite this wage growth, both hiring and attrition rates have slowed further, reinforcing the trend of a cooled labor market over recent months.

Lisa Simon, Chief Economist at Revelio Labs, comments, “Our October RPLS numbers show that the labor market has continued to cool as expected. The slightly negative job growth is driven by job losses in the Government sector, with Education and Health being the only fields to add significant employment.” Simon's acknowledgment of government job declines hints at deeper structural issues affecting the overall job landscape in the United States.

From the data, the breakdown of employment changes by sectors is illuminating: significant losses were seen in various fields —

• - Government jobs shed 22,200 positions
• - Retail trade lost 8,500 jobs
• - Manufacturing saw a decline of 5,200 jobs

Conversely, sectors like Education and Health Services managed to create 22,000 new jobs, as well as Transportation and Warehousing, which added 1,600 positions. The mining, logging, and construction industries also experienced minor fluctuations, signaling variability across sectors.

The salary data is another facet of the report worthy of attention. The average annual salary for the new job postings in the U.S. is now $68,345, with variances across sectors. Notably, the Finance and Insurance sector continues to offer the highest salaries, averaging $87,522, while sectors such as Arts, Entertainment, and Recreation remain on the lower end at approximately $49,009.

Interestingly, the data emerging from Revelio Labs is constructed from a comprehensive set of statistics that encompasses over 100 million U.S. workforce profiles. This allows for a remarkable depth of insight rarely found in regular employment surveys. Unlike the BLS’s establishment surveys, which account for just 27% of employed individuals, RPLS data provides a holistic view of employment dynamics, enabling businesses, policymakers, and the public to gain a clearer understanding of workforce trends.

In summary, the Revelio Public Labor Statistics serve not only as a barometer for current labor market conditions but also as a critical resource during periods where traditional data sources are unavailable. As the labor market unveils these challenges, stakeholders may need to rely on such innovative frameworks to guide their strategic planning and policy decisions.

For more detailed analysis, the full report can be explored at Revelio Labs. The data underscores the need for proactive measures to stimulate growth and stabilize the employment environment.