Written By ESR News Blog Editor Thomas Ahearn
The U.S. economy added 161,000 jobs while the unemployment rate and number of unemployed persons dropped to 4.9 percent and 7.8 million respectively in October of 2016, according to the Employment Situation report released by the Department of Labor’s Bureau of Labor Statistics.
The jobs report for October 2016 revealed that job growth has averaged 181,000 per month so far in 2016, compared with an average of 229,000 jobs per month in 2015. In October 2016, job gains occurred in professional and business services, health care, and financial activities:
- Professional and business services employment added 43,000 jobs in October 2016.
- Health care employment added 31,000 jobs in October 2016.
- Financial activities employment added 14,000 jobs in October 2016.
The October 2016 jobs report also showed employment in other industries including mining, construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, leisure and hospitality, and government, changed little over the month.
The report revised the change in August from 167,000 jobs added to 176,000 jobs added and the change in September from 156,000 jobs added to 191,000 jobs added. With these revisions, employment gains in August and September were 44,000 less than previously reported.
The Employment Situation report is usually released on the first Friday of every month. The Employment Situation for November 2016 is scheduled to be released on December 2, 2016. Until then, the current jobs report will be available at www.bls.gov/news.release/empsit.nr0.htm.
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