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
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