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.
Positive revisions showed that September added 60,000 #jobs to the economy. Read more here: http://adec.co/17cY9ta #BLS
Virtually all sectors saw growth including manufacturing (+19,000), healthcare (+15,000), retail (+44,400), financial activities (+7,000), leisure and hospitality (+53,000) and construction (+11,000). The professional and business services sector also saw an overall gain with 44,000 new jobs. Within this group, a number of subsectors added positions including accounting (+7,000), architecture and engineering services (+5,000) IT/technical design and consulting (+10,900) and temporary workers (+3,300).
Among the unemployed, 448,000 furloughed federal workers were noted as being temporarily laid off, and it’s anticipated that the next jobs report will show these people back at work for the month on November.
While this report came as a surprise to some, a number of experts believe it was overdue as the economy has been showing a number of positive signs and indicators within the last few months. With seasonal hiring kicking off, this report may be a sign of good things to come throughout the remainder of 2013.
At Adecco, a number of our clients are in the midst of large scale seasonal ramp ups and many are beginning to start thinking about their 2014 hiring strategies. A handful of positive jobs reports may just be the thing needed to help employers decide to move forward with their plans.