Private sector employment increased by 125,000 jobs in October. This month's employment report is below the 12-month average, but does show substantial growth in service-providing industries such as trade, education, and health services.
Good News For the Service-Providing Sector
The service-providing sector saw the bulk of last month's job growth, with the greatest increase of 41,000 (such as education and healthcare industries). This comes as part of a year of growth for the healthcare industry, which has added 402,100 jobs over the last 12 months.
Similarly, the leisure and hospitality industry grew by 19,000 jobs in October. This contributed to a total increase of 394,000 jobs in the last year. Employment in social assistance also grew over the month of October, contributing to an overall increase of 139,000 jobs total since October 2018.
Meanwhile, employment in professional and business services increased by 18,000 jobs last month and financial services added 17,000 new jobs, rounding out the year ending October 2019 with a total 402,000 new jobs and 108,000 new jobs, respectively.
Increases for Mid-sized Companies
Of the 125,000 new jobs, mid-sized companies with 50-499 employees grew the most over the last month, adding 64,000 to new jobs. On the other hand, large businesses with 500 or more employees saw a total growth of 44,000 in October.
Small businesses with 1-49 employees also saw some growth, with 17,000 new jobs largely attributed to the service-providing sector. However, much smaller businesses (those with 1-19 employees) saw a decrease of 12,000 jobs.
Little Change For the Goods-Producing Sector
When it comes to jobs in construction, manufacturing, and mining, October wasn't as impactful a month, with an overall loss of 4,000 jobs per industry. This remains on par with data for the last 12 months, which shows that these industries (including utilities, logging, natural resources, and retail trade) saw little to no growth.
Slow Yet Steady Growth
Total job growth for 2019 has averaged on 167,000 jobs per month thus far, down from an average monthly increase of 223,000 jobs in 2018. However, though job growth overall has certainly slowed, the last month's employment report proves that there is continued growth in many industries.
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