Staff Writer

November 1, 2024

According to the latest jobs report from the Bureau of Labor Statistics (BLS), the national unemployment rate held steady at 4.1% in October. 

The healthcare industry led job growth with 52,000 new positions, followed by 40,000 jobs in government and 8,000 in construction.

Average hourly wages increased by 13 cents (0.4%) over the month to $35.46, marking a 4% year-over-year rise. Wage growth continues to outpace inflation, enhancing consumers’ purchasing power and supporting overall spending.

This BLS report serves as the last major economic data release before two key events: the U.S. presidential election on November 5 and the FOMC meeting on November 6–7. In September, the Federal Reserve cut interest rates by 50 basis points to stimulate growth, signaling a shift in focus as inflation nears its target 2%. Markets widely anticipate a 25-basis-point rate cut next week, aligning with the Fed’s ongoing efforts to sustain economic momentum.

State and local data will be released by the Pennsylvania Department of Labor and Industry (L&I) in the coming weeks.