According to a recent report by the U.S. Department of Labor, the unemployment rate dropped to 4.1%, the lowest in 17 years. The economy also added 261,000 jobs. Job gains occurred in professional and business services, manufacturing, health care, and food services.
Here are some of the highlights for the month of October.
- Unemployment dropped to 4.1%
- Wages decreased by $0.01
- Workweek hours remained the same at 34.4 hours
UNEMPLOYMENT BY DEMOGRAPHICS
- Unemployment for adult men was 3.8%
- Unemployment for adult women was 3.6%
- Unemployment was 3.1% for Asians, 7,5% for Blacks, 4.8% for Hispanics, and 3.5% for Whites.
UNEMPLOYMENT BY EDUCATION
- Unemployment for persons without a high school diploma was 5.7%
- Unemployment for persons with a high school diploma was 4.3%
- Unemployment for persons with a bachelor’s degree or higher was 2%
UNEMPLOYMENT BY INDUSTRY
- Manufacturing increased by 0.2%
- Professional and business services increased by 0.2%
- Leisure and hospitality increased by 0.7%