Tuesday, November 9, 2010

Job increases in October report no solace to unemployed

Gains in October jobs report not enough to dent joblessness

The United States economy added 151,000 jobs last month according to the Labor Department’s Oct careers report. Work increases in October exceeded expectations, however were not sufficient to outpace the growing labor force. Although job creation increased over the month before, the advances were not enough to chip away at the unemployment rate, which remains at 9.6 percent. Article resource – Gains in Oct jobs report not enough to dent unemployment by Personal Money Store.

Jobs report and October numbers

A 60,000 net boost in jobs was expected by economic forecasters which is why the Oct jobs report had been a surprise. 41,000 jobs were lost in September. That is what the Labor Department report showed. After negative numbers for two years, the private sector is growing. For 10 straight months, there has been job growth reported. The October numbers were great. Since Might, they haven't been this good. U.S. companies hired an additional 159,000 people in October, exceeding the 92,000 jobs forecasted by economists. The government cut 8,000 jobs in October, which resulted within the 151,000 total.

Industries to look in for jobs

There is hiring happening in many areas, the October jobs report shows. Small businesses, mining, temp workers, retail and health care are the areas to look. Health care providers hired 24,000 workers. 28,000 got jobs in retail. Food services hired 24,000. The short-term work force grew by 35,000. The dollar being weaker made mining jobs grow. 8,000 jobs were added. The Labor Department doesn't hear from the small businesses as easily as the rest. That means an upwards of 110,000 was a change for Aug. and Sept.

Still have more to do

Despite the October job creation, the U.S. has a long way to go. Economic growth is still too weak to affect the 9.6 percent unemployment rate. At least 15 million people are searching for work. Taking into account part-time workers who can’t find full-time jobs and people who have given up looking, the unemployment rate is 17 percent. Even if there had been a 208,000 jobs a month boost, the gap between growing labor and accessible jobs still wouldn't be closed for 12 years. This is what the Brookings Institution explains.

Articles cited

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



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