US ad employment is now at an all-time high

Source: Bureau of Labor Statistics. Seasonally adjusted. Expanded jobs data: AdAge.com/adjobs. Credit: Infographic by Ad Age. Photo: iStock Employment in advertising, public relations and related services reached an all-time high in October, adding 2,300 jobs last month to break an employment record set back in 2000. Ad agency staffing also scored an all-time high. Overall U.S. employment rose by 150,000 jobs in October, according to the monthly employment report from the U.S. Bureau of Labor Statistics. That was slightly lower than economists had forecast. It marked the second-weakest monthly job gain since 2021 in a sign that the labor market may be cooling. The unemployment rate, based on a separate survey of households, ticked up to 3.9% in October from 3.8% in September. Below, Ad Age Datacenter breaks down the report—by the numbers. Top marketers, brands and agency ventures Ad Age Datacenter’s definitive rankings of the biggest U.S. and global advertisers and agency companies Click here Advertising, PR and related services U.S. employment in the Bureau of Labor Statistics (BLS) classification of advertising, PR and related services came in at 504,000 jobs in October based on seasonally adjusted figures. That topped the previous peak of 503,700 jobs in October 2000 back in the short-lived dot-com bubble, when a surfeit of internet startups shoveled money into advertising using a cash windfall from venture capital and initial public offerings. (Pets.com, the poster dog of the dot-com era, closed in November 2000.) Ad Age cover from August 2000 chronicling Pets.com. (Click image enlarge) The ad market added 2,300 jobs in October, the year’s third-biggest monthly increase (after a gain of 2,800 jobs in September and 2,400 jobs in June). BLS downwardly revised the September figure from a gain of 3,000 jobs reported a month ago. It also downwardly revised the August figure to a gain of 1,200 jobs, vs. the 1,400 job increase reported a month ago. This BLS jobs bucket includes ad agencies, PR agencies and related services such as media buying, media reps, outdoor advertising, direct mail and other services related to advertising. Ad agencies account for the biggest portion—about 47%—of those jobs. Ad employment weakened last fall, dropping in three of four months from September 2022 through December 2022. But the ad business found new momentum this year, with staffing increases every month this year except for March. These ad employment gains came despite cutbacks this year at media companies and ad-centric tech firms. Employment in the broad BLS classification of media streaming distribution services, social networks and other media networks and content providers fell to 228,300 jobs in September on a non-seasonally adjusted basis, down 1,000 jobs from August. Staffing in that sector is at its lowest level since 2018. Employment in the classification of web search portals and all other information services dropped by 800 jobs to 161,500 jobs in September on a non-seasonally adjusted basis. Staffing is well below its all-time high of 171,900 jobs last January. Ad agencies U.S. ad agency employment rose to 235,900 jobs in September, scoring an all-time high. That marked a gain of 1,900 jobs for the month on a non-seasonally adjusted basis. The September increase followed a loss of 200 jobs in August. BLS revised the August figure from a preliminary loss of 300 jobs reported a month ago. BLS reports ad agency employment on a one-month lag, so October figures aren’t yet available. But the solid October increase in advertising, PR and related services employment suggests that ad agency staffing rose last month. U.S. ad agency employment September 2023 vs. previous month: +1,900September 2023 vs. year earlier: +8,900 Source: Bureau of Labor Statistics. Not seasonally adjusted. Expanded jobs data: AdAge.com/adjobs. Ad Age World’s Largest Advertisers 2023 Ad spending, rankings and analysis for the top 100 advertisers Click here Unemployment rate The U.S. unemployment rate, based on a separate survey of households, edged up to 3.9% in October from 3.8% in September. That’s the highest jobless rate since early 2022. To be sure, 3.9% is still a comparatively low unemployment rate based on labor stats from the past 75 years. The jobless rate has been 4.0% or lower every month since December 2021, a stretch of unusually low unemployment not seen since the 1960s. (The unemployment rate stayed within the range of 3.4% to 4.0% from December 1965 through January 1970.) U.S. unemployment rate October 2023: 3.9% Source: Bureau of Labor Statistics. Seasonally adjusted. Become an All Access subscriber Get access to exclusive resources including Leading National Advertisers, World’s Largest Advertisers, Agency Report, Agency Review Tracker and TV Pricing Report. Click here U.S. employment The nation in October added 150,000 jobs based on seasonally adjusted figures, a bit below what economists had expected and a sign that the labor market may be cooling. October’s job increase marked 34 consecutive months of job gains. BLS said the economy gained 297,000 jobs in September (downwardly revised from 336,000 jobs reported a month ago). BLS said 165,000 jobs were added in August (downwardly revised from 227,000 jobs reported a month ago). BLS monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors. Following an unprecedented loss of 20.5 million jobs in April 2020 as the nation locked down in the coronavirus pandemic, the economy has added jobs every month except for December 2020. Total U.S. employment (156.9 million jobs in October) has recovered all of its pandemic losses, topping its February 2020 pre-pandemic peak (152.4 million) to reach a new all-time high. The World Health Organization in January 2020 declared the coronavirus outbreak a global public health emergency and in March 2020 classified COVID-19 as a pandemic. The group’s director general, Tedros Adhanom Ghebreyesus, in May 2023 determined that “COVID-19 is now an established and ongoing health issue which no longer constitutes a public health emergency of international concern.” Ad Age Datacenter subscribers can see an expanded table showing advertising employment back to 2000 at AdAge.com/adjobs. Month-to-month change in U.S. nonfarm payrolls October 2023 vs. previous month: +150,000 Month/year Jobs increase (decrease) Jan. 2022 364,000 Feb. 2022 904,000 March 2022 414,000 April 2022 254,000 May 2022 364,000 June 2022 370,000 July 2022 568,000 Aug. 2022 352,000 Sep. 2022 350,000 Oct. 2022 324,000 Nov. 2022 290,000 Dec. 2022 239,000 Jan. 2023 472,000 Feb. 2023 248,000 March 2023 217,000 April 2023 217,000 May 2023 281,000 June 2023 105,000 July 2023 236,000 Aug. 2023 165,000 Sep. 2023 297,000 Oct. 2023 150,000 Source: Bureau of Labor Statistics. Seasonally adjusted. Sign up for Ad Age All Access for ongoing data and insights on all of the most-advertised brands from Ad Age Datacenter.

US ad employment is now at an all-time high

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