Work gains in Oct report no comfort to unemployed

The Oct careers report released Friday by the Labor Department said that the United States of America economy created 151,000 jobs last month. Job increases in Oct exceeded expectations, but weren’t enough to outpace the growing labor force. Although job development increased over the month before, the advances were not enough to chip away at the unemployment rate, which remains at 9.6 percent. Source for this article – Gains in Oct jobs report not enough to dent unemployment by Personal Money Store.

Number in Oct jobs report

A 60,000 net boost in jobs was expected by economic forecasters which is why the Oct jobs report was a surprise. In Sept, the Labor Department report showed 41,000 jobs being lost. For 10 months in a row, the private sector has shown job growth after two years of losing them. The October numbers were the best since Might. The economist forecasted 92,000 jobs would be added while in Oct, 159,000 people were hired on. The government cut 8,000 jobs in October, which resulted in the 151,000 total.

Jobs come from certain industries

Health care, retail, temp workers, mining and small businesses are where the October jobs report shows hiring is happening. 24,000 workers were hired in health care services. 24,000 were hired in food service while retailers hired 28,000 people. The temporary work force grew by 35,000. A weaker dollar boosted mining to the tune of 8,000 jobs. The Labor Department doesn't hear from the small businesses as quickly as the rest. That means an upwards of 110,000 had been a change for Aug. and Sept.

A long, hard road ahead

Despite the Oct job creation, the U.S. has a long way to go. The 9.6 unemployment rate isn't going down even with economic growth. Work is something 15 million people are still hoping to discover. Then there are the people who have part-time work but need full time jobs. The real rate is at about 17 percent of unemployed. Even if there was a 208,000 jobs a month increase, the gap between growing labor and accessible jobs still wouldn't be closed for 12 years. This is what the Brookings Institution explains.

Citations

CNNMoney.com

money.cnn.com/2010/11/05/news/economy/october_jobs_report/?npt=NP1

Christian Science Monitor

csmonitor.com/Business/2010/1105/Jobs-growth-shows-some-zip-unemployment-rate-unmoved

New York Times

nytimes.com/2010/11/06/business/economy/06jobs.html?pagewanted=2&_r=1&src=mv