Gauging the October Jobs Report: Which industries are hiring?

Volume 1, Edition 23

The Bureau of Labor Statistics released the October jobs report on Friday, revealing a slight moderation in hiring momentum. While employers added a modest 150,000 jobs, this figure falls short of the robust gains witnessed in recent months. This slowdown could be attributed to a combination of factors, including persistent expectations for an economic slowdown and the Fed's ongoing battle against inflation. Each month 360 does our best to provide you with a summary of the report as well as our perspective on how to navigate current trends in this ever-evolving jobs market. 

Despite the dip in hiring, the overall labor market remains remarkably resilient. Data suggests that many companies are still eager to expand their workforce, indicating continued economic growth. Notably, job creation would have been even higher in October if not for the now-settled United Auto Workers' strikes. 

Report highlights include: 

• Health care added 58,000 jobs in October, in line with the average monthly gain of 53,000 over the prior 12 months. 

• In October, construction employment continued to trend up (+23,000), about in line with the average monthly gain of 18,000 over the prior 12 months. Employment continued to trend up over the month in specialty trade contractors (+14,000) and construction of buildings (+6,000).

• Employment in manufacturing decreased by 35,000 in October, reflecting a decline of 33,000 in motor vehicles and parts, largely due to strike activity.

• In October, employment in leisure and hospitality changed little (+19,000). The industry had added an average of 52,000 jobs per month over the prior 12 months.

• Employment in professional and business services was little changed in October (+15,000) and has shown little net change since May. Employment in temporary help services changed little over the month (+7,000), but is 229,000 below its peak in March 2022.

• In October, employment in transportation and warehousing had minimal change (-12,000) and has shown little net change over the year. Over the month, warehousing and storage lost 11,000 jobs, while air transportation added 4,000 jobs.  

Navigating the Evolving Talent Landscape:

As the talent landscape continues to evolve, it's crucial for businesses to stay abreast of emerging trends and adapt their strategies accordingly. Here are a few key takeaways from the October jobs report:

• The talent market remains competitive. Employers should focus on attracting and retaining top talent by offering competitive compensation, benefits, and culture.
• Skill development is essential. Companies should invest in upskilling and reskilling their existing workforce to ensure they have the skills needed for the future of work.
• Diversity and inclusion are paramount. Embracing a diverse workforce can lead to increased innovation, creativity, and productivity.

360 Talent Avenue: Your Partner in Workforce Success

As the talent landscape continues to shift, 360 Talent Avenue remains committed to providing you with the insights and guidance you need to navigate this rapidly changing environment. We offer a comprehensive suite of talent solutions, including:

• Strategic talent planning
• Talent acquisition and recruitment
• Employee engagement and retention
• Diversity and inclusion initiatives

Partner with 360 Talent Avenue to build a high-performing workforce that drives your business forward.

Click here to read the full report

Companies doing things differently

Despite the slight decline in hiring, coffee giant Starbucks has outperformed earnings expectations for last quarter. Starbucks’ strong quarter saw it outperform expectations on revenue, which was $9.37 billion compared to an expected $9.29 billion.

According to executives they attribute much of the coffee chain’s success this quarter to a new plan to improve working conditions in stores, meant to help employees do their jobs better. Starbucks improved pay and scheduling headaches for in-store employees, replaced old equipment, and lowered turnover, all part of an effort to “reinvigorate the partner culture at Starbucks.” 

Emerging trends to increase productivity

This trend seen at Starbucks is becoming more popular across the U.S. economy where productivity increases with growth in hourly wages and salary. When the labor market is tight and unemployment is low, companies have to look for new ways to invest to ensure that their business runs more efficiently, as they cannot rely on manpower alone. Investing in increasing employee wages, employee training, and new equipment are some ways that organizations can increase productivity. 

Are you curious to know how your company compares in your industry? Click here to set up a call to learn more about how we can help you recruit and retain the right talent and we will provide a complimentary compensation analysis to see how you measure up against your competitors. 

360 Talent Avenue and Lacey Menchen win TWO 2023 Global Recognition Awards™

360 and Lacey Menchen have won TWO Global Recognition Awards for 2023. These highly regarded awards recognize businesses and individuals from all over the world for their exemplary achievements and contributions to their respective industries. 

Our mission since day one has been to disrupt an 80 year old industry, and we are excited and honored to be noticed within the business world for our vision and leadership. Click here to read the full press release

Happy Veteran's Day

This weekend we celebrate and honor America's veterans for their patriotism, love of country and willingness to serve and sacrifice for the common good. To all Veterans, 360 wants to say “Thank You” for your sacrifice, your bravery, and the example you set for us all.