Employment Rates Soars in October 2023, Surpassing 18-Year Record

In a significant economic upswing, the October 2023 Labor Force Survey has unveiled a remarkable milestone for the nation—recording the highest employment rate since April 2005.

As of October 2023, the employment rate surged to an impressive 95.8%, marking a historic high not witnessed in over 18 years.

According to the report, the number of employed individuals, aged 15 and above, reached 47.80 million. This is a notable increase from October 2022, where 47.06 million people were employed, and a significant spike from July 2023, which recorded 44.63 million employed individuals.

The unemployment rate in October 2023 also saw a decline of 4.2%. A drop from the 4.5% reported in October 2022 and a further decrease from the 4.8% recorded in July 2023. The current unemployment rate marks the lowest since April 2005.

The average weekly hours worked per individual increased to 41.2 hours. Moreover, the underemployment rate declined to 11.7%, indicating that a smaller proportion of the workforce expressed a desire for additional work, compared to the rates observed in October 2022 and July 2023. (ASC)