The official October 2011 employment situation summary was released this morning and the news out of the Department of Labor is not great. Only 80,000 new jobs were added last month, just enough to drop the unemployment rate to 9.0 percent. If you consider the fact that the unemployment rate was 9.1 for the previous three months, this could be construed as a bit of good news.
There were a few more glimmers of hope in the October 2011 unemployment report including:
- 366,000 fewer long-term unemployed workers
- 374,000 fewer involuntary part-time workers
- A revision of August 2011 numbers from no new jobs added to 57,000 new jobs
- September’s revision jumped from +103,000 jobs to +158,000
As has been the case for the past several months, job growth is coming from the private sector. Job gains were seen in professional and business services (+32,000), leisure and hospitality (+22,000) and health care (+12,000).
If you’re working in the government sector, the news isn’t nearly as good. The economic situation is still wreaking havoc on all levels of government with an additional 24,000 job losses reported in October. According to the summary, this downward trend in government employment started two years ago.
These job losses in the government sector don’t appear to be having much of an effect on Congress. One would think that if government jobs were in jeopardy they’d be quick to act but that’s not the case. Perhaps the European debt crisis will spur our elected officials to act now to prevent a similar future.