Employment Summary for October 2012 The Labor Department reported that 171,000 jobs were added in October while the unemployment rate rose from 7.8 to 7.9 percent as workforce participation increased. Positive revisions to September and August also added a combined 84,000 positions to the previously reported levels. During the first 10 months of 2012, employment growth has now averaged 157,000 jobs per month, about 32,000 positions a month faster than the U.S. workforce grew over the same period last year. The management, business and financial operations occupations unemployment rate fell on a year-over-year basis from 4.7 percent to 3.6 percent in 2012. In late 2010, that rate had reached as high as 5.7 percent before starting to decline to its current point. The bachelor’s degree unemployment rate fell sharply from 4.1 percent to 3.8 percent. While the participation rate for bachelor’s degree holders fell during the month, exaggerating the unemployment rate’s drop, total employment for the group actually grew by 346,000 positions, while unemployment fell by 139,000. On an industry basis, growth was largely contained to the private service-providing sector, though specialty trade contractors did add 16,800 jobs during the month. Retail trade added a seasonally adjusted 36,400 positions leading up to what is widely expected to be a strong holiday shopping season. Food and drinking places added 22,900 jobs, while healthcare added 30,500 positions. While September’s report, showing a .3 percent drop in the unemployment rate, was widely seen as very positive, its one significant deficit was that a large portion of the job growth (582,000) was attributable to part-time positions. In October’s report, the trend reversed itself as those employed part-time for economic reasons fell by 269,000 and those positions presumably became full-time. This most recent report is clearly one of the best yet recorded in 2012 and many of its underlying figures seem to add more foundation to the stability of the labor market and the economy. Not just more employment is evident, but better employment: full-time positions, four-year degreed employees, and many in professional fields. It should be noted, however, that the employment reports have been a fickle thing over the past several years. Positive reports in the last half of the year have been tempered by slowing growth in the first half. With the European Union’s unemployment rate holding at a record high of 10.6 percent, growth in Asia still slowing, and with the U.S. government’s as of yet unresolved “fiscal cliff” looming, there is reason to be cautious while we look to see if this rate of growth will continue into next year. Nevertheless, more than at any point in the last several years, there may also be more reason to be optimistic. 1801 Market Street, 13th Floor Philadelphia, PA 19103 www.MRINetwork.com The full Bureau of Labor Statistics report can be downloaded here: If you would no longer like to receive e-mails, simply [[Email Opt Out Link]].