US Unemployment Rate Drops Further


US jobless rate decreased for the third consecutive month to a fresh six-year low 5.8 percent in October from 5.9 percent in September. The number of unemployed persons edged down to 9.0 million.

Since the beginning of the year, the unemployment rate and the number of unemployed persons have declined by 0.8 percentage point and 1.2 million, respectively. 

In October, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 2.9 million. These individuals accounted for 32.0 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has declined by 1.1 million.

The civilian labor force participation rate was little changed at 62.8 percent in October and has been essentially flat since April. The employment-population ratio increased to 59.2 percent in October. 

The number of persons employed part time for economic reasons was about unchanged in October at 7.0 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job. 

In October, 2.2 million persons were marginally attached to the labor force, little changed 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 770,000 discouraged workers in October, essentially unchanged 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 1.4 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 Unemployment Rate Drops Further


BLS | Joana Taborda | joana.taborda@tradingeconomics.com
11/7/2014 1:39:25 PM