Job Market Update: Food & Beverage sector was #1 in Job Growth in October

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Job-Market-Today

In October, the United States generated 214,000 new jobs, slightly less than last month’s gain of 256,000. The unemployment rate declined by 0.1 percentage point — dropping from 5.9 percent to 5.8 percent – which is the lowest we’ve seen since September 2008. Over the past year, the unemployment rate and number of unemployed persons have declined by 0.8 percentage point and 1.2 million, respectively.

Revised numbers from past months were released, showing that both August and September experienced combined growth of 31,000 more than previously reported. The September payroll number was revised from +248,000 to +256,000 and the August number was revised from +180,000 to +203,000. That makes a combined 31,000 more jobs than initially reported. This year, the only month that saw fewer than 200,000 new jobs was January.

Industry Breakdown

Employment gains were widespread across sectors with the highest gains led by food services and drinking places, retail trade and health care. Here are some key sector highlights from the BLS “The Employment Situation – October 2014” report:

Leisure and Hospitality

This industry reported strong growth in the food services and drinking places sub-sector (10 million total workforce), which added 41,800 jobs – compared with 34,000 jobs added from August to September. The trend of strong job growth in this industry is typical for the fourth quarter, and economists expect to see continued growth through the end of the year.

Professional and Business Services

This industry reported 37,000 added jobs to the economy (19.4 million total workforce), for a total of 657,000 year-over-year growth. The employment services sub-sector continued its upward trend with 24,000 new jobs (3.6 million total workforce), with 15,100 jobs coming from the temporary help services sub-sector (2.9 million total workforce). Administrative and support services added 18,200 jobs (8.4 million total workforce).

Retail

Employment in this sector remained steady in October with 27,100 jobs added to the economy, after last month’s spike of 34,000 jobs in September. Total employed in this sector has reached 15.4 million and over the last 12 months employment has grown by 249,000. Within the industry, general merchandise stores added 11,900 jobs (3.1 million total workforce), food and beverage stores grew by 7,500 jobs (3 million total workforce) and automobile dealers added 4,300 jobs (1.1 million total workforce).

Healthcare

This industry saw an influx in October, adding 24,500 jobs, which is comparable to the 12-month average increase of 20,000 jobs. Within this sector, ambulatory services generated 18,500 jobs (6.7 million total workforce), home health services grew 7,400 jobs (1.3 million total workforce) and hospitals grew 3,500 jobs (4.8 million total workforce). This growth indicates that the healthcare industry is at an all-time high in terms of job availability.

Construction

This sector continued its growth adding 12,000 new jobs (6 million total workforce). Within the sector, residential specialty trade contractors gained 10,300 jobs (1.6 million total workforce) and heavy and civil engineering construction also saw an increase of 5,500 jobs (928,000 total workforce).

Temporary Help Services

This job sub-sector is still on the rise, reporting its 21st consecutive month of job creation in October – with an increase in employment of 15,100. This brings the yearly growth up to 237,000. Since October 2013, this sector has had an average of 2.9 million people employed.

Author: Meredith Rhodes

While she’s settling down in the Sunshine State, Meredith is a Carolina girl by birth. She earned her Master’s from the College of Charleston, but NC State will always be #1 in her heart. In the world of Adecco Group marketing, she writes thought leadership content and sends emails. Her life-long dream is to sail around the world with her husband and dog.

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