Total employment rose by 214,000 in October, and the unemployment rate edged down to 5.8 percent, the U.S. Bureau of Labor Statistics reported.
In October, the unemployment rate decreased to 5.8 percent and the number of unemployed persons decreased to 9.0 million individuals. Since January 2014, the unemployment rate and the number of unemployed persons have declined by 0.8 percentage point and 1.2 million, respectively.
In October, the long-term unemployed population (those jobless for 27 weeks or more) remained flat at 2.9 million. These individuals made up 32.0 percent of the unemployed. Since October 2013, the number of long-term unemployed persons has declined by 1.1 million.
The civilian labor force participation rate was little changed at 62.8 percent in October and has been relatively flat since April 2014. The employment-population ratio increased to 59.2 percent last month. This trend has greatly impacted the compensation of legal professionals in the workforce. To learn more about the predicted salary trends for 2015, request a free copy of the Special Counsel 2015 Salary Guide.
In October, 2.2 million persons were marginally attached to the labor force, little changed from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
Employment in professional and business services continued to trend up over the month (+37,000)
Since October 2013, job gains averaged 56,000 per month. Over the year, employment in professional and business services sector has increased by an average of 55,000 per month.
Employment in other major industries, including mining and logging, wholesale trade, information, financial activities, and government, showed consistent movement since September.
In October, the average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.6 hours. The manufacturing workweek was unchanged at 40.8 hours, and factory overtime edged down by 0.1 hour to 3.4 hours. The average workweek for production and nonsupervisory employees on private non-farm payrolls edged up by 0.1 hour to 33.8 hours.
Special Counsel releases monthly economic reports for employers in order to share important hiring and employment information. To learn more about the trends in the legal staffing market, contact a Special Counsel representative near you. Contact us today.
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