The October 2022 Jobs Report beat expectations by over 20%. 261,000 jobs were added exceeding the expected 205,000.
While unemployment rose to 3.7%, it is still historically low with nearly two open jobs for every job seeker. Healthcare, professional services and manufacturing led the gains.
To put this growth in perspective, pre-pandemic, the average monthly jobs growth was 164.000.
A hot labor market continues to give the Federal Reserve room to raise interest rates in an effort to combat historically high inflation.
Related: When Will We Hit Peak Inflation?
Market Recap Week of 10/31/2022 Through 11/04/2022