Written By ESR News Blog Editor Thomas Ahearn
Private sector employment in the United States increased by 214,000 jobs in October 2014 while the unemployment rate edged down to 5.8 percent and the number of unemployed persons declined to 9.0 million, according to ‘THE EMPLOYMENT SITUATION — OCTOBER 2014’ jobs report released by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). The most recent jobs report is available at http://www.bls.gov/news.release/pdf/empsit.pdf.
The October 2014 jobs report revealed the unemployment rate and the number of unemployed persons declined by 0.8 percentage point and 1.2 million since the beginning of the year. Over the prior twelve months, job growth averaged 222,000 jobs per month.
The jobs report for October 2014 found employment increased most in food services and drinking places, professional and business services, retail trade, and health care. Among specific industries, the jobs report found:
- Food services and drinking places employment added 42,000 jobs in October 2014, compared with an average gain of 26,000 jobs per month over the prior 12 months.
- Professional and business services employment continued to trend up over the month with 37,000 jobs added and job gains averaged 56,000 per month over the prior 12 months.
- Retail trade employment rose by 27,000 jobs in October 2014 and has added 249,000 jobs over the past year.
- Health care employment added 25,000 jobs in October in line with the prior 12-month average gain of 21,000 jobs per month.
- Manufacturing employment continued on an upward trend with 15,000 jobs added and has added 170,000 jobs over the year.
- Transportation and warehousing employment and construction employment added 13,000 jobs and 12,000 jobs respectively.
The jobs report also found that employment in other major industries including mining and logging, wholesale trade, information, financial activities, and government showed little change over the month.
In addition, the October 2014 jobs report revealed the change in total nonfarm payroll employment for August 2014 was revised from 180,000 jobs added to 203,000 jobs added while the change for September 2014 was revised from 248,000 jobs added to 256,000 jobs added. With these revisions, employment gains in August and September combined were 31,000 jobs more than previously reported.
The jobs report for November 2014 is scheduled to be released on December 5, 2014.
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