Job Market Update: U.S. Economy on Track to Have Best Job Growth Since 1999

Job-Market-TodaySource: The U.S. Bureau of Labor Statistics “The Employment Situation – October 2014″ 

October marks another positive month for non-farm payroll employment. The U.S. Bureau of Labor Statistics released its October 2014 unemployment report, showing an overall monthly gain of 214,000 jobs. This number is lower than the 230,000 that economists expected, but not bad considering the average monthly gains for the 12 months leading up to October were 222,000. January is now the only month of 2014 with job gains below 200,000. In total, since the beginning of the year nearly 2.3 million jobs have been added to the US economy.

The unemployment rate also declined by 0.1 percentage points, dropping from 5.9 percent to 5.8 percent, which is the lowest rate we’ve seen since September, 2008.

Revisions to prior months show that both August and September experienced more growth than was 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.
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Retail sales and importation rose in November

As the end of 2012 quickly approaches, Asia Pacific’s economic forecast remains cloudy. Unemployment is still well above average in many nations, business and consumer confidence is lower than usual, and, as has been the case in recent months, Mother Nature continues to influence the region’s economic recovery. Within the last two months alone, typhoons Son-Tinh and Pablo have led to millions of dollars in damage – and potentially thousands of permanent and temporary layoffs.
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Regional economic recovery remains sluggish

Last month, economists were encouraged by EMEA’s fiscal figures, as regional business and consumer confidence rose in October, while consumer prices remained stable. Such news was certainly welcomed by global economists and regional governmental officials, in the midst of Europe’s double-dip recession.

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National inflation and unemployment remains high

On December 7th, the BLS released its final “The Employment Situation” report of 2012, just four weeks after Superstorm Sandy struck the northeastern United States. The hurricane was anticipated to negatively impact national employment figures, potentially leading to thousands of layoffs, but, according to the BLS’ latest jobs report, hiring remained robust in November.
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Despite Sandy, hiring continues to rise

In early November, the BLS released one of its most positive jobs reports in recent memory, “The Employment Situation – October 2012.”

Although many global economists were pleased with the report’s statistics, as 184,000 new private sector jobs were generated in October, others questioned whether or not such job creation would continue in November.
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Regional unemployment remains low

Back in October, the United States’ national unemployment rate remained below eight percent for the second consecutive month, as the economy generated 171,000 new jobs – the fourth straight month in which more than 100,000 jobs were created. Therefore, the results of the BLS’ latest “Metropolitan Area Employment and Unemployment” report were not entirely surprising, as hiring rose within a majority of the nation’s metro areas in October.

In fact, 288 of the nation’s 372 metropolitan areas recorded an increase in nonfarm payroll employment from October 2011 to October 2012, while 329 areas’ jobless rates declined during that same time span. And, according to the report, 180 areas’ jobless rates were seven percent or lower.
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