Unemployment Rate Remains Under 8 Percent

The Department of Labor released October’s unemployment report today, showing that unemployment still remains under 8 percent, or 7.9 percent in October. This is little changed from September’s rate of 7.8 percent. The Labor Department reported that employer’s added 171,000 jobs in October; this compares to the 148,000 added in September.

Job gains are showing an increase across broad industries. The professional and business service sectors saw jobs rise in October, along with healthcare, retail trade and construction jobs. Professional and business services added 51,000 jobs. Health care and retail added 31,000 and 36,000 jobs, respectively. Gains were also made in leisure and hospitality with 28,000 jobs added, as well as encouraging news for construction which added 17,000 jobs.

We saw a decline in mining (-9,000), while other industries saw little to no change month over month including wholesale trade, transportation and warehousing, information, financial services and government employment. 12.3 million Americans still remain unemployed in October.

Among the work sectors, unemployment for teenagers, Hispanic and African-Americans continues to remain above the national average. The unemployment rate for Hispanics is at 10 percent. African-Americans also saw an increase to 14.3 percent in October. Rates for adult men (7.3 percent), adult women (7.2 percent), whites (7.0 percent) and teenagers – although high at 23.7 percent, showed little change in October from September. The Asian workforce continues to show the lowest rate, or 4.9 percent unemployment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s