Read our full analysis for a more in-depth look at these trends.
The Institute Employment Report: October 2026
Job growth moderated in October, while falling unemployment payments point to a labor market that remains resilient.
November 2026
Key takeaways
- Job growth moderated in October to 1.2% year-over-year (YoY), but the labor market remains resilient, according to Bank of America deposit data. Moreover, unemployment payments were down around 5% YoY, suggesting few signs of labor market stress. Bank of America business payments data also suggests small and mid-sized firms' hiring plans have strengthened.
- The composition of job growth is broadening and Bank of America data shows job switching has risen across income groups, with lower- and middle-income job movers seeing larger pay gains than higher-income movers.
- Lower-income households are seeing the strongest wage growth. After-tax wage growth for lower-income households rose to 4.7% YoY in October, compared with 3.8% for middle-income and 3.4% for higher-income households, pointing to some continued catch-up after a weaker 2025.
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