Widespread job growth reported towards end of 2014

Posted on 30 Dec 2014 by The Manufacturer

The Economic Situation report released by the Bureau of Labor Statistics earlier this month revealed a net growth of 321,000 jobs in November, a increase of 78,000 jobs over October.

Employment gain revisions for September and October combined were 44,000 more than previously reported with November’s job growth 32% higher than October’s revised employment number of 243,000 new jobs, and a 18.5% increase over September’s revised number of 271,000.

Over the last year, the unemployment rate and the number of unemployed persons decreased by 1.2% and 1.7m, respectively. November’s unemployment rate remained at 5.8%, while the number of unemployed persons changed little at 9.1m.

Job gains for the month occurred in virtually every sector, while professional and business services, manufacturing, retail trade and health care led the growth.

Professional and business services increased by 86,000 jobs, a significant increase over the average monthly gain of 57,000 jobs of the past 12 months. Temporary help services, and accounting and bookkeeping services were responsible for the largest gains of the month at 23,000 and 16,000 jobs, respectively. Management and technical consulting services, and computer systems design and related services both increased by 7,000 jobs, while architectural and engineering services increased by 5,000 jobs.

Gains in other industries include health care at 29,000 jobs, manufacturing at 28,000 jobs, food services and drinking places at 27,000 jobs, construction employment at 20,000 jobs, financial activities at 20,000 jobs, and transportation and warehousing at 17,000 jobs.