Job Gains In Oct Report No Solace To Jobless
The Labor Department jobs report for October indicates that 151,000 new careers were created last month. The job creation numbers were more than expected, but barely enough to keep up with United States of America population growth. The brand new careers were not sufficient to budge the joblessness rate, which floundered at 9.6 percent.
Jobs report and October numbers
The Oct 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 September. 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. U.S. companies hired an additional 159,000 people in Oct, exceeding the 92,000 jobs forecasted by economists. In Oct, the government cut 8,000 jobs. That means the total was really 151,000.
Which industries are creating jobs
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. 28,000 got jobs in retail. Food services hired 24,000. The temp work force hired a lot. 35,000 went there. 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.
A long, hard road ahead
It is good that there had been Oct job creation. The U.S. has more to do though. The 9.6 unemployment rate isn’t going down besides economic growth. At least 15 million people are looking for work. The unemployment is at about 17 percent when you consider those who have part-time work but can’t discover full time jobs. Even if there was a 208,000 jobs a month increase, the gap between growing labor and accessible jobs still wouldn’t be closed for 12 years. This is what the Brookings Institution explains.
Details from
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
