The Labor Department reported that 531,000 jobs were created in October, a sign that economic activity is picking up in the early fourth quarter. The unemployment rate dipped to 4.6% from 4.8%. Despite record-breaking numbers of job openings, millions of Americans remain unemployed and outside of the labor force.
Within healthcare, employment grew by 37,200 jobs last month, with the overwhelming majority occurring in ambulatory care settings (+32,300). Nursing and residential care facilities showed a modest grow of 3,800, while hospital payrolls remained virtually unchanged, adding 1,100 jobs in October. Hospital unemployment was at 1.1%, with the overall unemployment rate within healthcare being reported at 3.7%.