US Jobless Rate Down to 5%


Unemployment rate in the US edged down to 5 percent in October from 5.1 percent in the previous month while total nonfarm payroll employment increased by a higher-than-expected 271,000 in October. Job gains occurred in professional and business services, health care, retail trade, food services and drinking places, and construction.

Both the unemployment rate (5.0 percent) and the number of unemployed persons  (7.9 million) were essentially unchanged in October. Over the past 12 months,  the unemployment rate and the number of unemployed persons were down by 0.7  percentage point and 1.1 million, respectively. 

Among the major worker groups, the unemployment rates for adult men (4.7 percent), adult women (4.5 percent), teenagers (15.9 percent), whites (4.4 percent), blacks  (9.2 percent), Asians (3.5 percent), and Hispanics (6.3 percent) showed little  or no change in October. 

The number of long-term unemployed (those jobless for 27 weeks or more) was  essentially unchanged at 2.1 million in October and has shown little change since  June. These individuals accounted for 26.8 percent of the unemployed in October. 

The civilian labor force participation rate was unchanged at 62.4 percent in  October, following a decline of 0.2 percentage point in September. The employment- population ratio, at 59.3 percent, changed little in October and has shown  little movement over the past year. 

The number of persons employed part time for economic reasons (sometimes referred  to as involuntary part-time workers) edged down by 269,000 to 5.8 million in  October. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. Over the past 12  months, the number of persons employed part time for economic reasons has declined  by 1.2 million. 

In October, 1.9 million persons were marginally attached to the labor force, down  by 276,000 from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work,  and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding  the survey. 

Among the marginally attached, there were 665,000 discouraged workers in October, little changed from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they  believe no jobs are available for them. The remaining 1.3 million persons marginally attached to the labor force in October had not searched for work for  reasons such as school attendance or family responsibilities.

US Jobless Rate Down to 5%


BLS | Joana Ferreira | joana.ferreira@tradingeconomics.com
11/6/2015 1:46:36 PM