Saturday, November 15, 2014

Employment Update: October 2014

October jobs report by the Bureau of Labor Statistics (link), called The Employment Situation, issued on November 7, 2014. Last month’s result, a gain of 248,000 jobs, was revised upward to 256,000, a gain of 8,000 jobs. And the October result showed a gain of 214,000 jobs. The updated graphic, which also shows other changes in earlier months, amounting to an additional addition of 31,000 jobs, follows:


The net result is continued growth in jobs. This growth was distributed as follows: Goods Producing sectors: 13.1% of gains, Service Providing: 84.6 %, and Government: 2.3%. Within the Services Providing sectors, temporary employment showed a substantial growth of 7.1% of all new jobs added, which is a sour note here. The only sector showing losses was Information, which includes the media, -4,000 jobs.

Herewith a tabulation of gains by each sector, with numbers representing jobs in thousands:

Total nonfarm
214.0
  Total private
209.0
    Mining and logging
1.0
    Construction
12.0
    Manufacturing
15.0
    Wholesale trade
8.5
    Retail trade
27.1
    Transportation and warehousing
13.3
    Information
-4.0
    Financial activities
3.0
    Professional and business services
37.0
    Education and health services
41.0
    Leisure and hospitality
52.0
    Other services
3.0
  Government
5.0

The projection for the year is shown in the next graphic:


In this chart actual data are shown for all years except 2014; results for that year are projected based on 10 months of actual data. In the post-recession period, 2014 is shaping up as the best year yet.

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