October Jobs Report Beats Expectations
October brought good news for the job market, with hiring stronger than expected and unemployment ticking down slightly.
- The jobless rate dropped to 4.1%, and employers added 165,000 jobs, more than analysts expected, with gains led by professional services and health care.
- Layoffs are way down too: a separate tracking report counted only 44,000 job cuts nationwide in October, down 71% from a year ago and the lowest for the month in a decade.
- Companies are gearing up for the holidays, with seasonal hiring plans up 26% from last year, led by Amazon's record hiring push.
- The softer spots remain: over 7 million Americans are still out of work, and more than a quarter of them have been jobless for over six months.
- In Hawaiʻi, new unemployment claims dipped slightly last week, staying above 1,000 for a 10th straight week, with Oʻahu, Maui, Hawaiʻi Island, and Kauaʻi counties all reporting new claims.
Outlook: Strong hiring and falling layoffs point to a resilient job market heading into the holidays, though long-term unemployment remains a soft spot to watch.