With the change in seasons came big surprises to the national economy. October saw a growth of 271,000 jobs nationwide, a jump that resulted in a .4% hourly wage increase and a decrease in the unemployment rate to 5%. With the nation’s overall annual earnings now the best since 2009, the Fed is in the unexpected position of considering a raise in rates before 2016, something that seemed near impossible after a few underwhelming months. In fact, many are now considering August and September’s decline nothing more than a blip during an otherwise booming year, especially after an upward revision added 12,000 jobs to last month’s growth number.
Despite all this positive news, the Fed is still treading carefully with rate change. October’s encouraging showing comes in a series of uneven reports, breeding doubt regarding market stability. The success of the next two months will likely determine whether we’ll see the first upward change in rates since 2008.
Highest Growth Industries
Healthcare: + 1.09%
The upcoming changes to the Affordable Care Act mandate have resulted in an increased need for health clinics and medical professionals nationwide. Growth in the healthcare industry seems to be a result of the increased need for assistance in complying with regulations.
Top 5 Cities for Healthcare Hiring Demand:
- New York-Northern New Jersey-Long Island, NY-NJ-PA
- Los Angeles-Long Beach-Santa Ana, CA
- Pittsburgh, PA
- Chicago-Naperville-Joliet, IL-IN-WI
- Boston-Cambridge-Quincy, MA-NH
Management of companies and enterprises: +.25%
As the economy scales up, more management and administration is needed to ensure steady successful growth. Management led hiring nationwide with a total 78,000 jobs added in October.
Top 5 Cities for Management Hiring Demand:
- New York-Northern New Jersey-Long Island, NY-NJ-PA
- Los Angeles-Long Beach-Santa Ana, CA
- Chicago-Naperville-Joliet, IL-IN-WI
- San Francisco-Oakland-Fremont, CA
- Dallas-Fort Worth-Arlington, TX
Business Support Services: + .19%
Business support services came in second for overall growth, supporting work efforts across all industries with an extra 46,000 jobs last month.
Top 5 Cities for Business Support Services Hiring Demand:
- New York-Northern New Jersey-Long Island, NY-NJ-PA
- Los Angeles-Long Beach-Santa Ana, CA
- Chicago-Naperville-Joliet, IL-IN-WI
- Miami-Fort Lauderdale-Pompano Beach, FL
- San Francisco-Oakland-Fremont, CA
The Top Cities for Hiring Demand
- Los Angeles-Long Beach-Santa Ana, CA: +.17%
Tax incentives for film and television production established last year seem to be the catalyst for for a lift in last month’s hiring demand, with a 54% increase in shooting days over this time last year. The film industry employs not only creative talent, but workers in a variety of industries as well as many small businesses.
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- New York-Northern New Jersey-Long Island, NY-NJ-PA: +.10%
NYC’s hiring boon stems from this month’s overall growth in the management sector and business support services. The city is likely also ramping up support in retail and hospitality in anticipation of holiday season tourism.
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- Washington-Arlington-Alexandria, DC-VA-MD-WV: +.08%
Hiring in Washington seems to be picking up speed due to increased healthcare needs created by current Affordable Care Act legislation. The metro area’s economy is also supported heavily by the education sector, which picked up last month.
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- San Francisco-Oakland-Fremont, CA: +.06%
San Francisco’s focus on economic development over the last decade has certainly paid off. The city boasts 655,000 jobs and a three percent unemployment rate, down from 10 percent over the last five years. Initiatives like Spaces for Growth, a program launched by the San Francisco Center for Economic Development, identify up and coming tech hubs for potential expansion by companies headquartered in The City and the Bay Area.
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- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD: +.06%
Some of Philadelphia’s top industries – Information Technology, Healthcare, and Tourism – all saw a bump in hiring this month, driving the city’s economic success. Local biotech companies continue to thrive with the support of investments and research funding, and the city’s service sector looks to be gearing up in anticipation of a successful holiday season.
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- Tampa-St. Petersburg-Clearwater, FL: +.06%
Tax incentives have drawn many companies to expand in Tampa, creating jobs within the new businesses themselves as well as construction, finance, and service sector positions needed to support the growth. Over 20 major business expansions have been announced over the last year.
- Pittsburgh, PA: +.05%
A shift away from manufacturing and toward top growth industries like tech, healthcare, and education have turned Pittsburgh back into a top job creator.
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- Atlanta-Sandy Springs-Marietta, GA: +.05%
Atlanta’s growth shows no signs of slowing as it earns another spot on our list of top job creators this month. The city appears well on its way to regaining standing as national economic hub.
- Miami-Fort Lauderdale-Pompano Beach, FL: +.05%
The top national industries for hiring propelled the Miami metro area’s demand this month, with jobs in Healthcare, Finance, and the service sector paving the way for economic success.
- Orlando-Kissimmee, FL: +.04%
Large scale construction and projects have created jobs in the Orlando metro area over the last year, as well as steady tourism that only stands to increase over the holidays. This expansion has the potential to attract new start-up business to Orlando as well, reinforcing their position as a hi-tech hub.
