Hunt Scalon: October unemployment rate falls to 4.6%

December 15, 2021 Mike Smith

Notable increases across several sectors brought jobless numbers to a new post-pandemic low. The U.S. Bureau of Labor Statistics (BLS) reported a 4.6% unemployment rate, along with overall growth of 531,000 jobs.

Top industries for hiring included leisure and hospitality, professional and business services, manufacturing, and transportation and warehousing. The unemployment rate for adult men declined to 4.3%, while all other demographic categories remained steady.

“After the labor market’s recovery stalled in recent months, today’s numbers suggest positive job growth as hiring scales up across major industries,” says Mike Smith, global CEO of Randstad Sourceright. “While hiring is improving, talent scarcity continues to slow companies as workers voluntarily leave their jobs at record rates and pace.”

Today’s workers have different expectations and are quick to resign to chase after new opportunities that better match their needs. Smith encourages companies to be more flexible in considering contingent, hybrid and remote work arrangements that benefit both the employer and employee. 

Read the full article for detailed BLS statistics and then get the latest insights on overcoming the global talent shortage from Randstad Sourceright.

About the Author

Mike Smith

With a 16-year career at Randstad, Mike Smith brings a wealth of experience in the talent acquisition industry to his role as Randstad Sourceright global CEO. Smith joined Randstad in January 2005 as a graduate recruitment executive and has since held various operational and leadership roles for Randstad including managing Randstad’s business operations in Australia, managing director for Southeast Asia, CEO of Randstad UK and managing director of Randstad Sourceright in Europe, the Middle East and Africa. An active driver of Randstad’s “tech and touch” strategy, in his role as CEO, Smith continues to elevate Randstad Sourceright's customer value propositions, seek out ongoing areas for differentiation and embed change through investment in business transformation technology.

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