Written By ESR News Blog Editor Thomas Ahearn
The U.S. economy added a higher than expected 271,000 jobs in October 2015 while the unemployment rate dipped to 5.0 percent, according to ‘THE EMPLOYMENT SITUATION — OCTOBER 2015’ jobs report released by the Department of Labor’s Bureau of Labor Statistics.
The October jobs report revealed that the number of unemployed persons remained essentially unchanged at 7.9 million during the month. Over the past 12 months, the unemployment rate and the number of unemployed persons were down by 0.7 percent and 1.1 million people, respectively.
The jobs report found that employment growth averaged 230,000 jobs per month over the prior 12 months. Over the past 3 months, job gains have averaged 187,000 jobs per month. In October 2015, job gains occurred in professional and business services, health care, retail trade, food services and drinking places, and construction:
- Professional and business services employment increased by 78,000 jobs in October, compared with an average gain of 52,000 jobs per month over the prior 12 months.
- Health care employment added 45,000 jobs in October. Over the past year, health care has added 495,000 jobs.
- Retail trade employment rose by 44,000 jobs in October, compared with an average monthly gain of 25,000 jobs over the prior 12 months.
- Food services and drinking places employment added 42,000 jobs in October. Over the year, the industry has added 368,000 jobs.
- Construction employment increased by 31,000 jobs in October. Over the past 12 months, construction has added 233,000 jobs.
The October jobs report also revealed employment in other major industries, including manufacturing, wholesale trade, transportation and warehousing, information, financial activities, and government, showed little or no change over the month.
On the negative side, the jobs report found that employment in mining continued to trend down in October with 5,000 jobs lost. The industry has shed 109,000 jobs since reaching a recent employment peak in December 2014.
The August jobs report was revised from 136,000 jobs added to 153,000 jobs added while the September jobs report was revised from 142,000 jobs added to 137,000 jobs added. With these revisions, employment gains in August and September combined were 12,000 more than previously reported.
The November jobs report is scheduled to be released on Friday, December 4, 2015. The most recent jobs report released by the Department of Labor’s Bureau of Labor Statistics is available at www.bls.gov/news.release/pdf/empsit.pdf.
October Jobs Report Shows More Employers are Hiring
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