Contact Us

‘Are We Landing Softly???’: Economists React To The October Jobs Report On Twitter

Nonfarm payroll employment rose by 261,000 jobs in October, the U.S. Bureau of Labor Statistics reported Friday.

The unemployment rate ticked up 0.2 percentage points to 3.7% in October and has remained between 3.5% and 3.7% since the end of the first quarter. 

Monthly job growth has now averaged 407,000 jobs added per month in 2022, down from average growth of 562,000 jobs per month in 2021.


Most sectors directly related to commercial real estate saw very little change in the October numbers, save for the leisure and hospitality sector, which added 35,000 jobs.

Employment in leisure and hospitality is now averaging growth of 78,000 jobs per month this year, less than half of the average gain of 196,000 jobs per month in 2021. Employment in the sector is still short 1.1 million jobs compared to February 2020. 

Here's how economists and others reacted to the October jobs report on Twitter: