Now hiring sign job market job openings staffing recruiting labor market

US Economy Adds 150,000 Jobs in October as Market Cools

November 6, 2023

Data from the Bureau of Labor Statistics (BLS) confirmed Friday that the US economy added 150,000 jobs in October, continuing a downward trend in new jobs that dates back to the beginning of the year. October marks the second lowest increase in jobs gained since 2020. According to a Washington Post report, the slow decline in added jobs represents a return to pre-pandemic growth.

Unemployment Still Near Historic Lows

The US unemployment rate was 3.9% in October, a slight increase from previous months. According to the BLS, unemployment has not risen above 4% since early 2022. 2023 has marked a historically low year for the US unemployment rate. As of February 2023, it was 3.4%, a 54-year low according to the Department of Commerce.

Job openings have also increased in recent months, according the BLS’s weekly job openings survey. September marked a slight rise in openings to 9.6 million, with the biggest gains coming in accommodation and food services and arts, entertainment, and recreation. Openings in federal government and information decreased in September.

Navigate a Changing Job Market with Prolink

Unsure how the cooling job market could affect your organization? Prolink is here to help you navigate every shift and trend with confidence, collaborating closely with your team every step of the way to gain a deep understanding of your needs and priorities. 

Click below to get in touch and begin your partnership with Prolink today.

Get Started
Previous Next

Apply for Your Next Position

Let Prolink take the stress out of your job search. Submit your resume and a recruiter will connect with you to guide the entire process.