Resilient Labor Market Despite Three Shifts

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The U.S. labor market is resilient. The economy is undergoing at least three critical shifts: consumer demand, inflation, and worker participation. Despite those challenges job gains came in as expected (+263,000) and the unemployment rate declined (to 3.5% from 3.7%) in September.

Consumer Shifts

Industry-level job changes reflect shifts in consumer demand away from goods and toward services. Leisure and hospitality added 83,000 jobs, as travel and restaurants have boomed this year. Healthcare added over 60,000 jobs (bringing employment back to pre-COVID levels); professional and business services employment was up 46,000.

The transportation and warehousing sector

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