Collectively, the transportation and warehousing sector lost 2,100 jobs in October with the largest decline coming in the support activities sectors (down 7,500 jobs).
This comes as the broader economy added 271,000 jobs for the month, well above economists’ forecasted gains and the strongest pace of growth this year. Unemployment fell to 5%, the lowest level since 2008. The 5% national rate is the benchmark set by economists for full employment.
Leading the gains, employment in professional and business services increased by 78,000 in October, followed by Healthcare (45,000 new jobs), retail (44,000), food services (42,000), and construction (31,000).
On the losing side, employment in mining continued to decline in October, down 5,000 jobs.
Employment in other major industries including manufacturing, wholesale trade, information, financial activities, and government showed little or no change over the month, the Labor Department reported.