The Labor Market Situation in October, Department of Labor, Dr. Shierholz
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Transcript of The Labor Market Situation in October, Department of Labor, Dr. Shierholz
The Labor Market Situation in October
November 12, 2014
Heidi Shierholz, Ph.D. Chief Economist
UNITED STATES DEPARTMENT OF LABOR
1 1 Filename/RPS Number Office of Economic Policy 1
Total nonfarm employment increased 214,000
1-month change, in thousands • October 2014 214 • September 2014 256 • August 2014 203
12-month change, in thousands • September 2013 to 2014: 2,643 • Average: 220
Source: Bureau of Labor Statistics, Current Employment Statistics www.bls.gov/ces
2 2 Filename/RPS Number Office of Economic Policy 2
Private sector employment increased 209,000
1-month change, in thousands • October 2014 209 • September 2014 244 • August 2014 200
12-month change, in thousands • September 2013 to 2014: 2,583 • Average: 215
Source: Bureau of Labor Statistics, Current Employment Statistics www.bls.gov/ces
3 3 Filename/RPS Number Office of Economic Policy 3
Employment growth by super-sector this month
Over-the-month employment change, October 2014, seasonally adjusted, in thousands
Source: Bureau of Labor Statistics, Current Employment Statistics www.bls.gov/ces *denotes significance
0.4%
0.2%
0.2%
0.2%
0.1%
0.3%
0.2%
0.1%
0.0%
0.0%
0.1%
0.1%
0.1%
-0.1% -4
0
1
3
3
5
9
12
13
15
27
37
41
52
-15.0 0.0 15.0 30.0 45.0 60.0
Information
Utilities
Mining and Logging*
Other Services
Financial Activities
Government
Wholesale Trade
Construction
Transportation and Warehousing
Manufacturing
Retail Trade*
Professional and Business Services
Education and Health Services*
Leisure and Hospitality*
Over-the-month employment change, October 2013, seasonally adjusted, in thousands
1-Month Net Change
Prior 12-month average
*denotes significance
4 4 Filename/RPS Number Office of Economic Policy 4
Unemployment rounded down, Long-term unemployment was unchanged
Civilian unemployment rate, by duration of unemployment, January 1990 to September 2014, seasonally adjusted
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
5 5 Filename/RPS Number Office of Economic Policy 5
Labor force participation steady since October 2013
October 2014: 62.8 % September 2014: 62.7 % August 2014: 62.8 % October 2013: 62.8 %
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
Civilian Labor Force Participation Rate, January 1990 to October 2014, seasonally adjusted
6 6 Filename/RPS Number Office of Economic Policy 6
Employment rate age 25 to 54, essentially flat this month significantly up from October 2013
Employment to Population October 2014: 76.9 % September 2014: 76.7 % August 2014: 76.8 % October 2013: 75.5 %
Employment-to-Population Ratio and Labor Force Participation, age 25 to 54, January 1990 to September 2014, seasonally adjusted
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
Labor Force Participation October 2014: 80.8 % September 2014: 80.7 % August 2014: 81.1 % October 2013: 80.6 %
7 7 Filename/RPS Number Office of Economic Policy 7
What’s going on with part-time employment?
Part time for economic reasons, as a percent of total employment, seasonally adjusted, 2004 to 2014
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
8 8 Filename/RPS Number Office of Economic Policy 8
2.2 million jobseekers found employment, 2.1 million dropped out of the labor force
Labor Force Status Flows out of Unemployment, January 1990 to October 2014, seasonally adjusted
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
9 9 Filename/RPS Number Office of Economic Policy 9
Hourly earnings growth has remained flat at 2.0%, but low inflation has resulted in some small real wage growth
Average hourly earnings, all private sector employees, January 2007 to October 2014, seasonally adjusted
Source: Bureau of Labor Statistics, Current Employment Statistics, www.bls.gov/ces
10 10 Filename/RPS Number Office of Economic Policy 10
Gulf War II-era Veterans have elevated unemployment rates
Unemployment Rate for Veterans 2009 to 2014, 12-month moving average not seasonally adjusted
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
11 11 Filename/RPS Number Office of Economic Policy 11
Young Veterans in particular face challenges
Unemployment Rate for Veterans age 20 to 24 2009 to 2014, 12-month moving average not seasonally adjusted
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
12 12 Filename/RPS Number Office of Economic Policy 12
Gulf War-era II women’s unemployment rate similar to men’s for that era
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
Unemployment Rate for Veterans by period of service and gender 2013 annual averages
Dr. Heidi Shierholz Chief Economist
UNITED STATES DEPARTMENT OF LABOR