The unemployment rate rose from 9.8 to 10.2% in October, and nonfarm
payroll employment continued to decline (down another 190,000 jobs), the U.S. Bureau of Labor Statistics reported today. The largest job losses over the month were in construction, manufacturing, and retail trade.
In October, the number of unemployed persons increased by 558,000 to 15.7
million. The unemployment rate rose to 10.2%, the highest rate since April 1983. Since the start of the recession in December 2007, the number of unemployed persons has risen by 8.2 million, and the unemployment rate has grown by 530 basis points.
Among the major worker groups, the unemployment rates for adult men (10.7%) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6%), African-Americans (15.7%), and Hispanics (13.1%) were little changed over the month.
The number of long-term unemployed (those jobless for 27 weeks and over) was little changed over the month at 5.6 million. In October, 35.6% of
unemployed persons were long-term unemployed.
The civilian labor force participation rate was little changed over the month
at 65.1%. The employment-population ratio continued to decline in
October, falling to 58.5%.
The number of persons working part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in October at 9.3 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
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In the most recent 3 months, job losses have averaged 188,000 per month, compared with losses averaging 357,000 during the prior 3 months. In contrast, losses averaged 645,000 per month from November 2008 to April 2009. Since December 2007, payroll employment has fallen by 7.3 million.
Manufacturing continued to shed 61,000 jobs in October, with losses in both
durable and nondurable goods production. Over the past 4 months, job losses in manufacturing have averaged 51,000 per month, compared with an average monthly loss of 161,000 from October 2008 through June 2009. Manufacturing employment has fallen by 2.1 million since December 2007.
Health care employment continued to increase in October (up 29,000). Since the start of the recession, health care has added 597,000 jobs.
The average workweek for production and nonsupervisory workers on private nonfarm payrolls was unchanged at 33.0 hours in October. The manufacturing workweek rose by 0.1 hour to 40.0 hours, and factory overtime increased by 0.2 hour over the month.