Total number of U.S. jobs grew by 214,000 in October, while the unemployment decreased to 5.8 percent, according to the U.S. Bureau of Labor Statistics.
Both the unemployment rate (5.8 percent) and the number of unemployed (9.0 million) decreased in October 2014. Since the beginning of the year, the unemployment rate and the number of unemployed persons have declined by 0.8 percentage point and 1.2 million, respectively.
In October, the number of long-term unemployed (those jobless for 27 weeks or more) remained flat, around 2.9 million individuals. These individuals accounted for 32.0 percent of the unemployed population. Over the past 12 months, the number of long-term unemployed has declined by 1.1 million, which is great employment progress.
The civilian labor force participation rate remained flat, overall, at 62.8 percent in October. This number has remained consistently stable for the entire year. The employment-population ratio increased to 59.2 percent in October.
Employment in professional and business services continued to increase this month, with 37,000 jobs added.
Over the prior 12 months, job gains averaged 56,000 per month. In October, employment continued to trend up in temporary help services, with 15,000 jobs added to this sector. Throughout 2014, employment in professional and business services has grown by an average of 55,000 per month – both solid growth for employment figures.
Employment in other major industries, including mining and logging, wholesale trade, information, financial activities, and government, showed little change over the month, but still remain strong employment sectors.
In October, the average workweek for all employees increased by 0.1 hour to total 34.6 hours. The average workweek for production and nonsupervisory employees on private non-farm payrolls edged up by 0.1 hour to a total of 33.8 hours.
Average hourly earnings for all employees increased by 3 cents to $24.57 in October 2104. Over the past 12 months, average hourly earnings have risen by 2.0 percent. In October, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $20.70. For more insight on the salary predictions for 2015, request your free copy of the 2015 Accounting Principals Salary Guide.
Accounting Principals keeps employers up-to-date on monthly employment and hiring trends, specific to the accounting and finance industry. To learn more about today’s changing economic landscape, and to discuss your holiday season hiring strategy, contact an Accounting Principals representative today.
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