The United States of America economic climate added 151,000 careers last month based on the Labor Department’s October jobs report. Job increases in Oct exceeded expectations, however weren’t enough to outpace the growing labor force. As a result, the unemployment rate remained stuck at 9.6 percent in spite of the job increases.
October jobs report numbers
The October jobs report was a somewhat pleasant surprise for economic forecasters that expected a net boost of about 60,000 jobs. 41,000 jobs were lost in Sept. That is what the Labor Department report showed. After hemorrhaging jobs for two straight years, the private sector has shown job growth for 10 months in a row. The Oct numbers were the best since May. The economist forecasted 92,000 jobs would be added while in October, 159,000 people were hired on. The government cut 8,000 jobs in Oct, which resulted within the 151,000 total.
Industries that are hiring
Health care, retail, temp workers, mining and small businesses are where the Oct jobs report shows hiring is happening. 24,000 workers were hired in health care services. 24,000 were hired in food service when retailers hired 28,000 people. 35,000 were hired to the short-term work force. A weaker dollar boosted mining to the tune of 8,000 jobs. Because it takes small companies longer to report their hiring activity to the Labor Department, job creation numbers from August and Sept were revised upward by 110,000.
Still have a long solutions to go
It is good that there was October job creation. The U.S. has more to do though. The 9.6 unemployment rate isn’t going down besides economic growth. There aren’t enough jobs still. 15 million are still looking for them. Taking into account part-time workers who can’t find full-time jobs and individuals who have given up looking, the unemployment rate is 17 percent. The Brookings Institution explains that 12 years would be needed to close the gap in growing labor force and accessible jobs with a 208,000 jobs a month increase.
Citations
CNNMoney.com
money.cnn.com/2010/11/05/news/economy/october_jobs_report/?npt=NP1
Christian Science Monitor
csmonitor.com/Business/2010/1105/Jobs-growth-shows-some-zip-unemployment-rate-unmoved
New York Times
nytimes.com/2010/11/06/business/economy/06jobs.html?pagewanted=2&_r=1&src=mv
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