Link to article: Here's where the jobs are for October 2023 — in one chart
CNBC released an article titled “Here’s Where the Jobs Are for October” which showed a distribution of newly added jobs from the previous month.
The report stated that the labor market may be cooling off with many job sectors seeing little to no growth, or even negative growth. Healthcare and social assistance saw 77,000 added jobs to their sector. Another large sector in which many jobs were added was the private education sector, given that 89,0000 jobs were added to that group.
However, given that many students are studying economics, finance, accounting, or some business-related degree in this course, financial activity jobs decreased by 2,000. Whereas, the professional business services sector added 15000 jobs.
One positive thing to take away from the article was that government employment has now returned to its pre-pandemic level of employment. One negative takeaway is that many trucking workers are losing jobs and looking for work but are finding it very difficult to do so.
As we know, when recessionary times come, employers lay off workers and begin hiring workers for lower wages than previously offered. Therefore, given the low amount of added jobs, an increase in workers being laid off, and seeing job markets decreasing, this may be an indicator of a recessionary period approaching.
Kiley Hardyman
Kiley this was a great read. I think this is a massive problem in the fact that so little jobs are being offered and added that whilst reaching a recession could really impact not only a lot of our population financially but could also have a negative impact on our economy.
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