Photo: October Latino Unemployment Rate
The October jobless rate according to the Bureau for Labor Statistics ticked up to 7.9 percent from 7.8 percent in September. Hiring was more robust in August and September than first thought – which can be viewed as good news for President Obama five days before the presidential election.
This is the second time since January, 2009 that the unemployment rate went below 8 percent. Last month’s unemployment rate of 7.8 percent was the lowest rate since the president took office.
The number of unemployed people now stands at 12.3 million increasing by 170,000 from last month.
171,000 jobs were created in October which was higher than the 125,000 expected and higher than September when 114,000 jobs were created. Since July the economy on average has created 173,000 jobs per month with the economy has adding jobs for 25 straight months.
In October, employment rose in professional and business services, health care, and retail trade. The health care services sector is one of the more robust employment sectors adding 296,000 jobs over the past year.
The Hispanic unemployment rate also ticked up to 10 percent from 9.9 percent in September. Teenagers (16 to 19 years) and African Americans continue to have the highest rates of unemployment, 23.7 percent and 14.3 percent, respectively.