The October Jobs Report Shows Positive Trends

October US Jobs Report

The Bureau of Labor Statistics (BLS) issued the jobs report tied to the month of October and showed a positive gain of 204,000 jobs and a relatively untouched unemployment rate of 7.3%, up just .1%.

The report, which was delayed a week based on the government shutdown, was highly anticipated as it would clearly show the number of employees that were impacted during the two week span in October when the government was closed based on budget issues. In light of this element, many economists were unsure of what the report would look like and the majority of experts were expecting a dismal jobs report—estimates ranged anywhere from a gain of just over 100,000 jobs, with most economists believing growth would fall in the 120,000-140,000 range.

The report was a strong one, with growth exceeding all expectations at a gain of 204,000 and positive revisions for August and September adding 60,000 additional jobs to the economy. Job growth has averaged 190,000 jobs per month over the past year.

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Positive revisions showed that September added 60,000 #jobs to the economy. Read more here: http://adec.co/17cY9ta #BLS

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What’s the status of jobs and the economy? Get the latest insights on the BLS report

US Jobs Report

This morning’s Bureau of Labor Statistics (BLS) report for the month of September showed a gain of 148,000 jobs and a slightly lowered unemployment rate of 7.2%. Revisions for July and August added 9,000 additional jobs to the economy. Over the last 12 months, employment growth has averaged 185,000 jobs per month.

The September report was highly anticipated as it was not released on schedule due to the federal government shutdown in early October. With many wondering if there would be a notable shift in the report, economists were curious to see what insights could be found in the in the number. As the data showed, the report followed a similar path to those seen in recent months; consistent –yet lower than hoped for– growth.

 

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How will the federal government shutdown affect you?

US Congress

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With Congress failing to reach a compromise on the Continuing Appropriations Resolution of 2014 and approve Federal spending guidelines, the government was forced to shut down on October 1st.

Roughly 800,000 federal employees have been furloughed and are not working. However, 1.3 million federal employees have been designated as ‘essential employees’ are continuing to work throughout the shutdown, but will likely face indefinite paycheck delays. Additionally, overall economic worries are surfacing as IHS Global Insights, an economic consulting firm, has reported the United States economy will lose roughly $1.6 billion each week the government is shut down – approximately $12.5 million per hour.

 

While all of this is important to the economy, one question that remains is– how will this federal shutdown affect you?

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August’s jobs report fails to meet expectations

Regional BLS Report Information

A deeper dive into the BLS report at a regional level

At first glance, the results of the BLS’ “The Employment Situation – August 2013” report appeared to be quite positive as the report showed the addition of 169,000 jobs and  the national jobless rate decreased slightly, from 7.4 to 7.3 percent, the lowest rate of 2013. Additionally, the national underemployment rate contracted for the second straight month, falling to 13.7 percent.

Some economists quickly pointed out a key statistic from the report, which may have directly caused the decrease in the national jobless rate: the country’s civilian labor force diminished considerably, declining by 312,000. As a result, the United States recorded its lowest labor force participation rate since August 1978 – 63.2 percent.

Although nonfarm payroll employment continued to rise, as it has every month since March 2010, the BLS’ recently published job creation figures were lower than many economists had anticipated as some experts predicted at least 180,000 jobs would be added to the economy.
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BLS data shows job growth continues to steadily improve

September Jobs Report and BLS Data

Lower Unemployment Rate and Continued Job Growth in August

This morning’s Bureau of Labor Statistics (BLS) employment report for the month of August showed an addition of 169,000 jobs and a slightly lowered unemployment rate of 7.3%. Revisions for June and July combined show that gains for these months were 74,000 less than previously reported.

There were a number of sectors with gains including retail (+44,000), professional and business services (+23,000), healthcare (+33,000) and leisure and hospitality (+27,000). Temporary help services also saw an increase (+13,100) again this month, continuing to demonstrate growth in this sector. The number of persons employed part time for economic reasons (involuntary part-time workers) declined by 334,000 to 7.9 million in August.

 

While the report showed job growth that was slightly shy of what economists predicted, the private sector continued to show steady gains of 152,000 jobs last month, including manufacturing, which added 14,000 jobs after a few consecutive months of losses. Employers have added an average of 148,000 jobs in the past three months and the unemployment rate is at a four and a half year low.

At Adecco, we are continuing to see ongoing demand for temporary help in manufacturing and leisure and hospitality, as well as for full time positions in professional and administrative services.


America’s metropolitan employment situation continues to improve

Even though private sector job growth was not as apparent in July as it was in other months, many economists were still encouraged by the BLS’ most recent “The Employment Situation” report.

The report revealed a steady rise in hiring, as the private sector generated 161,000 new jobs in July, the 41st consecutive month of private job creation.
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