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National Employment Monthly Update

National Employment Monthly Update

11/7/2014

Unemployment Drops to 5.8 Percent in October 2014

The unemployment rate dropped to 5.8 percent in October, according to the Bureau of Labor Statistics. The last time unemployment was this low was in July 2008.

Approximately 214,000 jobs were created in October, slightly below the monthly average of 222,000 jobs created for the last 12 months.

Business sectors seeing job growth included leisure and hospitality, retail trade, health care, business and professional services, manufacturing, transportation and warehousing, and construction. Employment in mining, wholesale trade, financial services and government remained steady.

The number of unemployed for the month was nine million, down 1.2 million from the beginning of the year. Of those, 2.9 million are long-term unemployed, having been without a job for 27 weeks or more. There were 770,00 discouraged workers, those who have stopped looking for employment because they think there are no jobs for them.

Unemployment figures for November will be released on Friday, Dec. 5, 2014.

U.S. Dept. of Labor, Bureau of Labor Statistics Press Release

 National Unemployment Rates,  2008 - 2014

   Jan.  Feb.  Mar.  April  May  June  July  Aug.  Sept.  Oct.  Nov.  Dec.
 2014   6.6   6.7   6.7   6.3   6.3   6.1   6.2   6.1   5.9    5.8    
 2013   7.9   7.7   7.5   7.5   7.5   7.5   7.3   7.2   7.2    7.2    7.0    6.7
 2012   8.3   8.3   8.2   8.1   8.2   8.2   8.2   8.1   7.8    7.9    7.8    7.8
 2011   9.0   8.9   8.8   9.0   9.1   9.2   9.1   9.1   9.1    9.0    8.6    8.5
 2010   9.7   9.7   9.7   9.9   9.7   9.5   9.5   9.6   9.6    9.6    9.8    9.4
 2009   7.6   8.1   8.5   8.9   9.4   9.5   9.4   9.7   9.8  10.2  10.0  10.0
 2008   4.9   4.8   5.1   5.0   5.5   5.6   5.8   6.2   6.2    6.6    6.8    7.2

 Source: Bureau of Labor Statistics

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