Hiring Picked Up in October, but Long Spells Without Work Are Rising
Employers added 165,000 jobs in October and the unemployment rate edged down to 4.1 percent from 4.2 percent in September. At the same time, more people are stuck without work for long stretches, a sign the job market is harder to get back into once you lose a job.
The job market stayed steady last month, with a worrying wrinkle underneath. The Bureau of Labor Statistics reported that employers added 165,000 jobs in October, far above the roughly 48,000 monthly average over the past year. The unemployment rate edged down to 4.1 percent from 4.2 percent in September. The government released the figures on Friday, November 6.
The report also raised earlier counts. The Bureau of Labor Statistics said August was revised up to 186,000 jobs and September to 60,000, adding 84,000 more positions than first reported across those two months. The October gains came in professional and business services, health care, and transportation and warehousing.
Pay kept rising, though slowly. Average hourly earnings rose 0.4 percent for the month, to 38.00 dollars, and 3.1 percent over the past year. For many households, that pace has been close to the rise in everyday prices, which is why some families still feel squeezed even as paychecks grow.
Beneath the strong headline sat a troubling trend. The number of people out of work for 27 weeks or longer held near 2 million in October and made up 27.6 percent of all unemployed workers. SHRM, a group that tracks the job market, reported that the average time a person spends out of work climbed to 27.1 weeks, the highest since September 2021. It noted that more than a quarter of unemployed workers had been searching for six months or longer, a share rarely seen outside the aftermath of a recession.
That part of the report matters most for older Americans. Workers over 50 who lose a job often take longer to find a new one, and a long spell without work can drain savings, lower future earnings, and wear on a person's health.
The figures feed into the economic picture the Federal Reserve studies when it sets interest rates, which shape what savers earn and what borrowers pay. For now, the takeaway for people over 50 is mixed. Jobs are still being added at a healthy clip, but anyone who finds themselves out of work should plan for a longer search than in years past and guard their savings.
Go Deeper
How many jobs did the economy add in October?
The Bureau of Labor Statistics reported 165,000 new jobs, far above the roughly 48,000 monthly average over the past year. The unemployment rate edged down to 4.1 percent from 4.2 percent in September.
Were earlier months revised?
Yes. August was revised up to 186,000 jobs and September to 60,000, adding 84,000 more positions than first reported across those two months.
Did pay keep up with prices?
Average hourly earnings rose 3.1 percent over the past year, close to the rise in everyday prices, so some families still feel squeezed even as paychecks grow.
What is the concern beneath the strong numbers?
SHRM reported the average time out of work climbed to 27.1 weeks, the highest since September 2021, with the number jobless for 27 weeks or longer holding near 2 million, or 27.6 percent of all unemployed workers.
Why does this matter for people over 50?
Older workers often take longer to find a new job, and a long spell without work can drain savings and affect health. It is wise to plan for a longer search than in years past.
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