638K Jobs Added to the US Economy in October

Temporary Employment Growth Picks Up

Mountain View, California — November 9, 2020 — Total nonfarm employment in the US rose by 638,000 jobs in November, per the seasonally adjusted data released today by the US Bureau of Labor Statistics (BLS). The national unemployment rate declined from 7.9% to 6.9%, even as the labor force rose.

Click to enlarge image

Twelve of the 15 major industry groups posted job gains in October. The sectors most contributing to total nonfarm employment and making up the majority of job gains for the month were Leisure & Hospitality (+271,000), Temporary Help (+108,700) and Retail Trade (+103,700). All of the 15 major industry groups are still down year-over-year, with Financial Activities remaining the closest to flat (-0.9%).

Temporary help services employment reported a substantial gain of 108,700 jobs in October, with the highest percentage gain of the 15 industry groups for the month. Revisions to the temporary help services sector for September, from +8,100 to +21,800, increased previous estimates by 13,700 jobs. The temporary penetration rate rose from 1.76% to 1.82%, though still below the pre-pandemic level of 1.93%.

“October was a favorable month for temporary help services employment, and the temporary employment sector has recovered 62% of the losses from February through April,” said Barry Asin, SIA President. “However, there are still challenges ahead in the recovery and in building back the labor market for both temporary and permanent job losses.”

SIA’s complete November Jobs Report analysis is available for the entire workforce solutions ecosystem. SIA now features an Interactive Jobs Report tool in addition to the regular analysis, available for SIA Corporate and CWS Council Members.

About Staffing Industry Analysts (SIA)
SIA is the Global Advisor on Staffing and Workforce Solutions
Elevating the Workforce Solutions Ecosystem
Founded in 1989, SIA is the global advisor on staffing and workforce solutions. Our proprietary research covers all categories of employed and non-employed work including temporary staffing, independent contracting and other types of contingent labor. SIA’s independent and objective analysis provides insights into the services and suppliers operating in the workforce solutions ecosystem including staffing firms, managed service providers, recruitment process outsourcers, payrolling/compliance firms and talent acquisition technology specialists such as vendor management systems, online staffing platforms, crowdsourcing and online work services. We also provide training and accreditation with our unique Certified Contingent Workforce Professional (CCWP) program.

Known for our award-winning content, data, support tools, publications, executive conferences and events, we help both suppliers and buyers of workforce solutions make better-informed decisions that improve business results and minimize risk. As a division of the international business media company, Crain Communications Inc., SIA is headquartered in Mountain View, California, with offices in London, England.

Media Contact
Jennifer Arcuni, Communications Director, Staffing Industry Analysts
jarcuni@staffingindustry.com  |  +1 650-390-6171  |  www.staffingindustry.com

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *