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.
US economy is on track to have the best year for #job growth since 1999, via @AdeccoUSA: http://bit.ly/bls-112014-tw | #jobsFriday
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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