October 2023 Employment Data Digest

October 2023 Employment Data Digest

• The U.S. economy added 150,000 jobs in October, down from the 297,000 jobs added in September.
• The overall unemployment rate was up slightly from 3.8 percent to 3.9 percent. The 55+ unemployment rate was unchanged at 2.7 percent. For men ages 55+, it increased from 2.5 percent to 2.7 percent. Meanwhile, the unemployment rate for women ages 55+ increased slightly from 2.7 percent to 2.8 percent.
• The percentage of jobseekers ages 55+ who were long-term unemployed in October was 25.1 percent compared to 20.4 percent of jobseekers ages 16 to 54. 
• The total labor force participation rate decreased slightly from 62.8 percent to 62.7 percent. It also decreased for those ages 55+ from 38.8 percent to 38.6 percent. The (unadjusted) rate for those ages 65+ was also down from 19.5 percent to 19.3 percent.

U.S. WORKFORCE:

• 150,000 jobs added in October ↓
• Unemployment rate: 3.9 percent ↑
• Number of unemployed persons: 6.5 million ↑
• Labor force participation rate: 62.7 percent ↓
• Long-term unemployed ages 16–54: 20.4 percent ↑

55 AND OLDER U.S. WORKFORCE:

• 37.6 million 55+ workers employed in October ↓
• 55+ unemployment rate: 2.7 percent ↔
• Number of 55+ unemployed persons: 1.1 million ↑
• 55+ labor force participation rate: 38.6 percent ↓
• 55+ long-term unemployed: 25.1 percent ↓

Source: Bureau of Labor Statistics. Arrows denote a directional change from the prior month.