Jobless Rate Dips to 5.8% with 214 New Jobs Added in October

The economy added 214,000 jobs in October, down from September’s 248,000 new jobs, but the unemployment rate fell to 5.8% compared to last month’s 5.9%, according to figures released this morning by the U.S. Bureau of Labor Statistics.

Since the beginning of 2014, the unemployment rate has dropped by .8 percentage points and the number of jobless workers has decreased by 1.2 million.

While jobs are being created—about 200,000 a month for the past year—wages remain stagnant, with the median family income in the United States falling back to 1995 levels. Alliance for American Manufacturing President Scott Paul said:

The good news is that manufacturing jobs have grown over the past few months. The bad news is that they haven’t grown fast enough. I’m very concerned that a surge of imports from China and a paucity of public investment in infrastructure will continue to hamper the great potential of the productive sector of our economy….No doubt the economic anxiety that many Americans still feel is compounded by stagnant wage growth and diminished opportunities for middle-class careers.

The number of long-term unemployed (those jobless for 27 weeks or more) was 2.9 million, slightly down from September’s 3 million. Over the past 12 months, the number of long-term jobless workers has decreased by 1.1 million.

Last month’s biggest job gains were in food services (42,000), professional and business services (37,000), retail trades (27,000) and health care (25,000).

Other sectors that showed increases include manufacturing (15,000), transportation and warehousing (13,000) and construction (12,000).

Employment in other major industries, including mining and logging, wholesale trade, information, financial activities and government, showed little change over the month.

Among the major worker groups, the unemployment rates in September declined for whites (4.8%) last month. The rates for adult men (5.1%), adult women (5.4%), teenagers (18.6%), blacks (10.9%) and Latinos (6.8%) showed little change in October.

Reposted from AFL-CIO NOW

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