Employment by Industry: Manufacturing Sees Solid Gains in October

The US labor market added 261,000 jobs in October, down from an upwardly revised total of 315,000 payroll gains the month prior. Last month’s total, though better than expected, still marked the slowest pace of job gains since December 2020, according to data from the Bureau of Labor Statistics (BLS).

The decline in payroll gains last month also pushed the unemployment rate back up 0.2 percentage points to 3.7%, no longer matching the pre-pandemic low.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

Latest in Economy

Test Training – hot rolled

Steel Summit: Dr. Basu Says “You Can’t Handle the Truth!” of a Recession

Mexico Announces 25% Import Tariffs on Steel

Builder Confidence Declines as Mortgage Rates Rise

US Manufacturing Sector Contracts Again: ISM