1. Job Market Update
U.S. Economic Data
•
Reflective of the Bureau of Labor Statistics
“The Employment Situation – October 2014”
As of November 2014
2. Overview of “The Employment Situation”
• The October report showed an overall
monthly gain of 214,000 jobs
• Unemployment rate declined by 0.1%
(from 5.9% to 5.8%)
• Revisions to prior months:
•
- August and September experienced more
growth than previously reported.
- The August payroll number was revised
from +180,000 to +203,000.
- The September number was revised from
+248,000 to +256,000.
- That makes a combined 31,000 more jobs
than previously reported
2
3. 214,000 new jobs added in October
•
237
274
84
144
222
203
304
229
267
212 203
256
214
13-
OCT
NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEPT 14-
OCT
In Thousands
3
* Numbers are seasonally adjusted. Source: BLS
4. Unemployment rate decreased in October
• Total nonfarm payroll employment
increased by 214,000.
•
- Unemployment rate dropped from 5.9% to
5.8%.
- Unemployment rate (5.8%) and the number
of unemployed persons (9 million) have
declined by 0.8%, 1.2 million in the last year.
• Discouraged workers – 770,000
(unchanged from previous year)
4
JOBS GAINED IN OCOTBER
214,000
UNEMPLOYMENT RATE
5.8%
LOWEST UNEMPLOYMENT
RATE SINCE
Sept. 2008
5. October’s job creation statistics
• United States private sector generated
over 209,000 jobs in October.
•
- Employment rate back to pre-recession
conditions.
- US has more jobs than in over four
years.
5
Source: BLS
6. Industry Breakdown
Professional & Business Services
• Increase of +37,000 jobs (657,000
year-over-year growth)
•
- Employment services added +24,000 jobs
(3.6 million total workforce)
- Temporary help services services created
+15,100 jobs (2.9 million total workforce)
- Administrative and support services added
+18,200 jobs (98.4 million total workforce)
• Total Americans employed in this sector
during October: 19.4 million
Healthcare
• Added 24,500 jobs during October.
- Ambulatory services generated +18,500
jobs (6.7 million total workforce).
- Home health services grew +7,400 jobs
(1.3 million total workforce).
- Hospitals grew +3,500 jobs (4.8 million
total workforce).
• Healthcare industry is at an all-time high
in terms of job availability
Temporary Help Services
- 21st consecutive month of job creation
- Increase of +15,100 jobs
- 2.9 million total workforce
6
Source: BLS
7. Industry Breakdown
Leisure & Hospitality
• Increase of +41,800 jobs in October
• Total Americans employed in this sector
during October: 10 million
Construction
• Added 12,000 new jobs
•
- Residential specialty trade contractors
gained +10,300 jobs (1.6 million total
workforce).
- Heavy and civil engineering construction
added +5,500 jobs (928,000 total
workforce)
• Total Americans employed in this sector
during October: 6 million
Retail
• Added +27,100 jobs in October
- Food and beverage stores grew by 7,500
jobs (3 million total workforce).
- General merchandise stores added 11,900
jobs (3.1 million total workforce).
- Automobile dealers added 4,300 jobs (1.1
million total workforce).
• Total Americans employed in this sector
during October: 15.4 million
• Employment has grown by 249,000
over the last 12 months
7
8. Employment in total non-farm
Over-the-month change, October 2014
Transportation and warehousing
Professional and Business services
•
1
12
15
8.5
27.1
13.3
-4
3
37
41
52
15.1
3
5
Mining and logging
Construction
Manufacturing
Wholesale trade
Retail trade
Information
Financial activities
Education and health services
Leisure and hospitality
Temporary help servies
Other services
Government
-10 0 10 20 30 40 50 60
8
* Numbers are seasonally adjusted in thousands.
Source: BLS, Current Employment Statistics Survey, October 2014
9. OPTIONAL SLIDE
Metropolitan employment improving across the country –
September 2014
• Regional and state unemployment rates saw little change in the United States
metropolitan areas during September.
•
- 31 states had unemployment rate decreases from August, 8 states had increases and 11 states
and the District of Columbia had not change.
- 42 states and the District of Columbia showing unemployment rate decreases over the past 12
months, 5 state had increases, and 3 states had no change.
• In September, unemployment rates were lower than a year earlier in 339 of the
372 metropolitan areas.
- Yuma, AZ had the highest unemployment rate in September (25.9%)
- Bismarck, North Dakota continues to lead the nation with the lowest unemployment rate (2.1%)
- A total of 191 areas had unemployment rates below the U.S. average, 167 areas had rates above
it, and 14 areas had rates equal to that of the nation.
- All 34 metropolitan divisions had over-the-year unemployment rate decreases in September. The
largest decline occurred in Chicago-Joliet-Naperville, Ill. (-2.5%).
9
Metropolitan employment data from previous month. Source: BLS
10. Mid-Atlantic Region – September 2014
• Unemployment rate of 6.1%
(-0.1% from August)
• Philadelphia City, PA had the largest
rate decline from a year earlier (-
2.8%).
•
- Also had one of the highest unemployment
rates in the region with 7.1%
• Danville, VA reported highest
unemployment rate at 7.2%
• State College, PA reported the lowest
unemployment rate at 3.7%.
• States:
OPTIONAL SLIDE
- Delaware
- District of Columbia
- Maryland
- Pennsylvania
- Virginia
- West Virginia
Metropolitan employment data from previous month. Source: BLS
10
11. Midwest Region – September 2014
• The Midwest reported an impressive
unemployment rate of 5.7% (-0.1%)
in September.
• North Dakota had the lowest
unemployment rate of 2.8%.
•
- Bismarck, North Dakota had the lowest
unemployment rate with an impressive
2.1% (-0.1% points from the previous
month).
• Michigan had the highest
unemployment rate at 7.4 (-0.3 from
the previous month).
• States:
OPTIONAL SLIDE
- Illinois
- Indiana
- Iowa
- Kansas
- Michigan
- Minnesota
- Missouri
- Nebraska
- North Dakota
- Ohio
- South Dakota
- Wisconsin
Metropolitan employment data from previous month. Source: BLS
11
12. Mountain-Plains Region – September 2014
• The Mountain-Plains region reported
a 5.6% unemployment rate
• Utah had the lowest unemployment
rate of 3.5%.
•
- Logan, UT reported the lowest
unemployment rate at 2.6%.
• Logan-UT-ID had the lowest
unemployment rate at 2.6%
- Billings-MT a close second at 3.0%
• Kansas City, MO-KS had the highest
unemployment rate in the region at
6.0%.
• States:
- Colorado
- Kansas
- Missouri
- Montana
- Utah
- Wyoming
OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
12
13. New England Region – September 2014
• The New England region
unemployment rate increased to 6%,
a 0.1% increase.
• New Hampshire’s Portsmouth metro
area recorded the lowest
unemployment rate of the region, as it
dropped 0.3% to 3.5% in September.
• The highest unemployment rate in the
region came in at Lawrence-Methuen-
Salem MA, NH with 10.2%.
•
• States:
OPTIONAL SLIDE
- Connecticut
- Maine
- Massachusetts
- New Hampshire
- Rhode Island
- Vermont
Metropolitan employment data from previous month. Source: BLS
13
14. OPTIONAL SLIDE
New York, New Jersey Region – September 2014
• The New York, New Jersey region
unemployment rate dropped from
6.1% to 5.9%.
• Ithaca, NY had the lowest
unemployment rate of the region at
3.9%.
• The unemployment rate Atlantic City,
NJ with 16.9%.
• Guayama, PR had the highest
unemployment rate at 22.4%.
•
• States:
- New York
- New Jersey
- Puerto Rico
Metropolitan employment data from previous month. Source: BLS
14
15. Southeast Region – September 2014
• The South region’s unemployment
rate dropped 0.1% from 6.3% to
6.2%.
• Tennessee had the largest
unemployment rate decline from
September 2013.
• Dalton, GA had the highest
unemployment rate in the region at
9%.
• Crestview-Fort Walton Beach-Destin,
FL and Asheville, NC tied for the
lowest unemployment rates in the
region at 4.6%.
•
• States:
OPTIONAL SLIDE
- Alabama
- Florida
- Georgia
- Kentucky
- Mississippi
- North Carolina
- South Carolina
- Tennessee
Metropolitan employment data from previous month. Source: BLS
15
16. Southwest Region – September 2014
• The Southwest region’s
unemployment rate remained
unchanged from August at 5.3%.
• Leading the charge in this region was
Midland, TX, who had the lowest
unemployment rate of 2.6%.
• McAllen-Edinburg-Mission had the
highest rate of unemployment at
8.5%.
• This region saw great growth in Texas
– added +30,000 new jobs.
•
• States:
- Arkansas
- Louisiana
- New Mexico
- Oklahoma
- Texas
OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
16
17. West Region – September 2014
• The West continued to have high
unemployment rate at 6.5% (-0.1
from August).
• Hawaii had the lowest unemployment
rate of 4.2%.
• Yuma, AZ has the highest
unemployment rate in the country, at
25.9% (-3.9% from August).
•
• States:
OPTIONAL SLIDE
- Alaska
- Arizona
- California
- Hawaii
- Idaho
- Nevada
- Oregon
- Washington
Metropolitan employment data from previous month. Source: BLS
17