Job gains not yet enough to substantially curb joblessness

Payrolls continue to grow, but not yet enough to substantially reduce unemployment in the United States.

According to the latest Labor Department estimates, nonfarm payrolls rose 80,000 in October while the jobless rate dipped a tenth to an even

9 percent.

The private sector added 104,000 jobs, while government employment continued to trend downward with a loss of 24,000 jobs.

Initial estimates for job gains in September and August were revised upward a total of 102,000. With those gains, payroll employment has increased an average of 125,000 a month over the past year. The jobless rate has varied little, however, remaining in a narrow range from 9.2 percent to 9 percent since April.

For October, professional and business services added a net 32,000 jobs, brining total payroll gains in the industry sector over the past year to 562,000.

The leisure and hospitality sector added 22,000 jobs, while health care employment grew by 12,000 jobs. Within the retail trade sector, general merchandise stores added 10,000 jobs and motor vehicle and parts dealers added 6,000 positions. Mining payrolls expanded by 6,000 with gains in oil and natural gas extraction accounting for half the increase. Manufacturers added 5,000 positions with a gain in transportation equipment.

Construction employment dropped 20,000 in October, nearly offsetting an increase of 27,000 jobs in September.

The average workweek for employees on private nonfarm payrolls remained unchanged at 34.3 hours in October, while the average manufacturing workweek rose two-tenths of an hour to 40.5 hours.

Average hourly earnings for employees on private nonfarm payrolls rose

5 cents to $23.19. Over the past year, earnings have increased 1.8 percent.

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Posted by on Nov 4 2011. Filed under Business News, Trends. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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