West Palm Beach, FL Jobs Report

October 2018 Jobs Report

Jobs Added

Metro +1,300
  • Month Over Month: +0.2%
  • 3 Month Average: 1,467
  • Year Over Year: +0.4%
State +17,800
  • Month Over Month: +0.2%
  • 3 Month Average: 15,200
  • Year Over Year: +2.7%
National +250,000
  • Month Over Month: +0.2%
  • 3 Month Average: 218,000
  • Year Over Year: +1.7%

Unemployment Rate

Metro 4.0%
  • Month Over Month: +0.1%
  • 3 Month Average: 3.73%
  • Year Over Year: -0.4%
State 3.4%
  • Month Over Month: -0.1%
  • 3 Month Average: 3.53%
  • Year Over Year: -0.5%
National 3.7%
  • Month Over Month: 0.0%
  • 3 Month Average: 3.77%
  • Year Over Year: -0.4%

The U.S. economy added a whopping 250,000 new, non-farm jobs in the month of October, besting economists’ predictions by 48,000 jobs. The unemployment rate held steady at a very low 3.7 percent. These solid metrics sent domestic markets rallying after a very rough October on Wall Street. This rally was further helped by a decline in economic saber-rattling between the US and China in lead up to the G-20 Summit, as the world’s two largest economies seem poised for a trade deal.

Healthy job gains were seen in industries such as healthcare (36,000), manufacturing (32,000), professional & business services (35,000), construction (30,000), and in transportation & warehousing (25,000).

Good news for workers as wages grew 3.1 percent in the past month for the first time since the Great Recession. Concerning Hurricane Michael, which made landfall in October, the BLS stated that the storm had “no discernible effect” on hiring and the unemployment rate. As the tighter labor market drive wages higher, the likelihood of the Federal Reserve raising interest rates increases as well.

“This is a great jobs report,” Randy Frederick, vice president of trading and derivatives at Charles Shwab. “Job growth was strong, and wage growth that shows we’re making progress, but that runaway inflation isn’t a concern,” he said.

Sector Job Growth from the B.L.S.

Professional & Business Services -300
  • Month Over Month: -0.3%
  • 3 Month Average: 114
  • Year Over Year: +0.4%
Trade, Transportation, & Utilities -300
  • Month Over Month: -0.3%
  • 3 Month Average: 115
  • Year Over Year: 0.0%
Education & Health Services -100
  • Month Over Month: -0.1%
  • 3 Month Average: 95
  • Year Over Year: -2.9%

Industry Job Growth from the B.L.S.

Administrative & Support & Waste Management & Remediation Services -500
  • Month Over Month: -0.9%
  • 3 Month Average: 54
  • Year Over Year: -1.3%
Transportation, Warehousing, & Utilities 0
  • Month Over Month: 0.0%
  • 3 Month Average: 13
  • Year Over Year: +4.0%
Health Care & Social Assistance +4,400
  • Month Over Month: +0.4%
  • 3 Month Average: 1,147
  • Year Over Year: +3.7%
Employment Services -300
  • Month Over Month: -1.6%
  • 3 Month Average: 19
  • Year Over Year: -1.1%
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Job Growth for All Sectors

BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.

The BLS defines a sector as a subset of the domestic economy and excludes the economic activities of the following: general government, private households, and nonprofit organizations serving individuals. A sector consists of multiple industries.

The BLS defines an industry as a group of establishments that produce similar products or provide similar services. Multiple industries makeup sectors.

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