Applications for US unemployment aid fall to 43-year low

Private-sector employment fell by 0.3 percent or 4,200 jobs in October, but remains up by 5,000 jobs (0.3 percent) over the year.

In October, the jobless rates in North Carolina and the United States were the same, following three months during which the state had been outperforming the national average.

Virginia’s October jobless rate tied with Maryland as the 16th lowest in the nation, according to the federal Bureau of Labor Statistics. In the Seattle/Bellevue/Everett region, the labor force increased by 14,500 Private-sector employment increased by 12,200 jobs and government employment decreased 1,600 in October.

The Labor Department’s latest findings indicate the number of people in the USA applying for unemployment benefits has dropped to levels not seen since 1973, signaling that US businesses are laying off fewer workers.

Each county in Central Florida also showed a similar trend, where the jobless rates were stuck at the same level as September – 4.4 percent in Orange County; 5 percent is Osceola County; and 4.3 percent in Seminole County.

Preliminary figures show CT shed 7,200 jobs in October, marking the fourth consecutive monthly job loss. September job gains were higher than originally reported, with 8,100 jobs added instead of the original 5,100.

As MarketWatch reports, “Companies have ramped up hiring over the past five years, and many complain they can not find enough skilled workers to quickly fill open positions”.

“The rate increased slightly as our labor force grew by 27,795 as more job seekers began looking for work in October”, Georgia Labor Commissioner Mark Butler said in a statement.

The unemployment rate can fall if more people find jobs, or if people drop out of the labor force – for whatever reason.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also slid by 66,000 to 1.977 million in the week ended November 5th. Professional & business services had the largest drop in October, down 2,000 from September’s record high level. The sector has added 3,800 jobs since last October.

The CPI is a measure of the average change over time in the prices paid by consumers for a market basket of consumer goods and services. A year ago, Nebraska’s rate was 3 percent. Year-over-year there was a gain of 2,800 jobs.

Education and Health Services lost 4,100 (-0.5%) jobs over the month. Over the year, Construction has gained 10,200 (+7.3%) jobs.