Hunt Scalon: October unemployment rate falls to 4.6%

Notable increases across several sectors brought jobless numbers to a new post-pandemic low. The U.S. Bureau of Labor Statistics (BLS) reported a 4.6% unemployment rate, along with overall growth of 531,000 jobs.

Top industries for hiring included leisure and hospitality, professional and business services, manufacturing, and transportation and warehousing. The unemployment rate for adult men declined to 4.3%, while all other demographic categories remained steady.

“After the labor market’s recovery stalled in recent months, today’s numbers suggest positive job growth as hiring scales up across major industries,” says Mike Smith, global CEO of Randstad Sourceright. “While hiring is improving, talent scarcity continues to slow companies as workers voluntarily leave their jobs at record rates and pace.”

Today’s workers have different expectations and are quick to resign to chase after new opportunities that better match their needs. Smith encourages companies to be more flexible in considering contingent, hybrid and remote work arrangements that benefit both the employer and employee. 

Read the full article for detailed BLS statistics and then get the latest insights on overcoming the global talent shortage from Randstad Sourceright.