Atlanta, Georgia (PRWEB) November 29, 2014
The Economic Situation report released by the Bureau of Labor Statistics earlier this month revealed a net growth of 214,000 jobs in October, a decrease of 42,000 jobs over the month of September.
October’s job growth is 16% lower than September’s revised employment number of 256,000 new jobs, and a 5.4% increase over August’s revised number of 203,000. Despite the decrease over the previous month, October’s job growth remains inline with the average monthly gain of 222,000 over the last 12 months.
The unemployment rate decreased slightly from 5.9 percent in September to 5.8 percent in October, while the number of unemployed people decreased to 9.0 million people from 9.3 million in September. 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.
Last month, significant job gains were made within the food services and drinking places industry which added 42,000 jobs in October, an increase of 61% over the average gain of 26,000 jobs per month of the past 12 months.
Employment in retail trade rose by 27,000 in October, with 12,000 new jobs in general merchandise stores and 4,000 in automobile dealers. Over the past year, retail trade has added 249,000 jobs.
Growth was also seen in health care (+25,000), professional and business services (+37,000), 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.
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