U.S. hiring again made gains in October following an especially strong September.
The latest government data to be released showed that 214,000 jobs were added in October. The gains led the unemployment rate to drop down slightly, to 5.8 percent, the lowest it has been in six years, even though more workers entered the market. Since the start of the year the unemployment rate has dropped by 0.8 percent, while the number of unemployed has fallen by 1.2 million.
Of the unemployed, 7 million are currently working part-time jobs, but would prefer a full-time career, which they have yet to find. Additionally, 2.2 million were marginally attached to the labor force. These people want and have been available for work, and have searched for a job in the previous 12 months. They were not counted as unemployed because they made no effort to seek employment within the four weeks prior to the survey.
"We're seeing solid job growth, and broad-based job growth," Thomas Perez, department of labor secretary, told The Washington Post. "If you'd taken a group of pundits one years ago when the unemployment rate was 7.2, very few would have said it would go to 5.8 percent."
"The trend of hiring gains shows that the slow crawl away from the Great Recession is beginning to pick up steam."
With the latest hiring wave the U.S. is on pace for its sharpest year of labor market expansion in 15 years. The trend of hiring gains shows that the slow crawl away from the Great Recession is beginning to pick up steam. The country has added at least 200,000 jobs for nine months straight, with 203,000 and 265,000 in August and September, respectively. The current streak of job growth has hit 56 months, "the longest on record," according to Jason Furman, chairman of the White House's Council of Economic Advisers.
Some hiring in the financial sector is due to a desire to improve wealth management platforms. Firms are attempting to improve the quality of advisors' guidance toward consumers, as well as their asset management services, by hiring for more financial analyst jobs. Banks are also beginning to make investments in technology platforms and brokerage services in order to improve the quality of their products.
Employment for professional and business services also continued to trend upward according to last week's government data. In the coming months, with many of these conditions likely improving further, a number of individuals in search of work may be able to successfully find gainful employment.