October 2014 Jobs Report: National Unemployment Rate Drops Below 6%

Posted by Chad Lio on October 09, 2014

The BLS recently reported that 248,000 jobs were added to the U.S. workforce in September. This is a complete turnaround from last month’s dismal 142,000 jobs added. September’s job creation was mainly focused in the professional and business services and healthcare sectors.

National Unemployment Rate drops below 6 percent

Because of the outstanding reported numbers, our national unemployment rate declined from a 6.1 percent to a 5.9 percent, the lowest it has been in almost 6 years. Can we continue to see a declining unemployment rate for the rest of the year?

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Labor Force Participation Still Declining

This month, the BLS reported that the Labor Force Participation rate declined slightly from 62.8 percent to a 62.7 percent. This is just a .1 percent difference from the previous month, however economists are still a little worried about this number as it is the lowest labor force rate the US has seen in 36 years.

Economists are keeping an eye on the labor force participation rate, especially as baby boomers retire and Generation Y gets ready to work.

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Professional & Business Services Reign Supreme

This month, the Professional and Business Services sector was once again on top in terms of growth, adding 81,000 jobs in September. This sector has been huge for the US economy and is still growing steadily.

Though Temporary Help Services was not heavily mentioned in this month’s BLS report, it silently increased as well. The sub-sector added 19,700 jobs in September, which can only reflect that workers are willing to perform temporary jobs until a full time opportunity opens up.

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Posted in: Jobs Reports, Monthly Economic Reports, Workplace Economic Reports

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