U.S. Economy Adds 214,00 Jobs In October; Unemployment Rate Drops to 5.8 percent

jbsThe U.S. economy added 214,000 non-farm payroll jobs in October while the unemployment level dipped to 5.8 percent, a six year low, according to recent data from the U.S. Labor Department.

Economists from briefing.com were forecasting 275,000 jobs in October and the unemployment level slightly increasing to 6.0 percent.

The  nonfarm payroll employment figures for August and September were revised higher by 31,000 and went from 180,000 to 203,000 in August  and 248,000 to 256,000 in September.

Over the past 12 months, the U.S. economy has picked up an average monthly gain of 222,000 new non-farm payroll jobs.

Since the beginning of the year, the unemployment rate and the number of unemployed persons have declined by 0.8 percentage point and 1.2 million.

Average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to $24.57 in October.

Over the year, average hourly earnings have increased by 2.0 percent.

The civilian labor force participation rate in October changed little and came in at 62.8 percent from 62.7 percent.

The average workweek for all employees on private nonfarm payrolls moved higher by 0.1 hour to 34.6 hours.

Employment increased the most in food services and drinking places, retail trade, and health care.

Health care added 25,000 jobs in October. Employment in retail trade rose by 27,000 in October. Food services and drinking places added 42,000 jobs in October.

On November 5th, ADP reported private payroll gains of 230,000 in October, slightly lower than the 235,000 estimate from briefing.com which is still higher than 225,000 in September.

-Johnathan Schweitzer

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