Unemployment Drops to Lowest in Five Years

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October US Jobs Report

The U.S. Bureau of Labor Statistics (BLS) released the November 2013 unemployment report showing an addition of 203,000 new jobs and a decreased unemployment rate of 7.0%, the lowest level in five years.

Last month’s unemployment report pleasantly surprised experts with a solid increase in jobs added—all taking place during the government shutdown. In light of this, many economists were anxiously awaiting the November report—the last in 2013—to show whether the October data had been a fluke, or if it was a sign of upward growth.

The November report showed that the data was indeed a sign of positive growth with the economy adding jobs, a positive revision of 8,000 positions in September and October, and a slight increase in the employment-population ratio.

Virtually all sectors added jobs including construction (+17,000), manufacturing (+27,000), retail trade (+22,300), leisure and hospitality (+17,000) and healthcare (+28,400). The professional and business services sector added a total of 35,000 jobs with a number of subsectors —accounting and bookkeeping (+5,500), architectural and engineering services (+1,000), computer systems design and technical consulting (+3,300) and temporary employment (+16,400)—showing growth as well.

With this being the last report of 2013, signs are indicating that the overall job market is picking up speed. At Adecco, the majority of our clients are feeling about optimistic about 2014 and increased hiring plans in the coming months.

 

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