Unemployment rate drops down to 5.8%
The U.S. Bureau of Labor Statistics announced on Friday that the national unemployment rate for the month of October 2014 dropped down to 5.8% and the total number of jobs added to the economy was 214,000.
The 5.8% unemployment rate is the lowest it’s been since July 2008, and the addition of 214,000 jobs brings the total number of to jobs added to the economy to 10.6 million.
The industries that added the most jobs were Food Services and Drinking Places (42,000), Professional and Business Services
(37,000), and Health Care (25,000).
The labor force participation rate remained the same at 62.8%, while the employment population ratio increased to 59.2%.
There are 2.9 million people who were unemployed for longer periods of time, 27 weeks or greater.
The people who have been unemployed for longer periods of time make up 32% of the total 9 million people who are unemployed.
The 5.8% unemployment rate is the lowest it’s been since July 2008, and the addition of 214,000 jobs brings the total number of to jobs added to the economy to 10.6 million.
The industries that added the most jobs were Food Services and Drinking Places (42,000), Professional and Business Services
(37,000), and Health Care (25,000).
The labor force participation rate remained the same at 62.8%, while the employment population ratio increased to 59.2%.
There are 2.9 million people who were unemployed for longer periods of time, 27 weeks or greater.
The people who have been unemployed for longer periods of time make up 32% of the total 9 million people who are unemployed.
comments powered by Disqus