The unemployment rate edged up slightly in October, but nonfarm employment rose by 204,000, according to the jobs report issued today by the BLS. The unemployment rate (pictured below) edged up from 7.2% in September.
The news isn't all bad as nonfarm employment growth was higher than it has been for all but two months in 2013. The change in nonfarm employment is pictured below.
For those of us that are concerned about the labor force participation rate, this latest report does not bring good news, as the LFPR fell to just 62.8%. However, some of this drop is due to some workers that were not working during the government shutdown.
- Unemployment rate rises to 7.3%
- Nonfarm employment grew by 204,000
- LFPR continued its decline, dropping to just 62.8%
Hopefully the jobs growth can continue for a few months and can bring the unemployment rate down below 7%.