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Economy Overview

United States

Report | United States Employment Update - October 2013

Summary

​After a two-week-long shutdown, the federal government opened up for business once again after negotiations regarding health care funding and the debt ceiling. In the preceding month of September, total non-farm employment grew by 148,000 jobs, below-average for 2013 but still enough to keep year-to-date payroll growth above 2012 levels. Additionally, unemployment dropped a further 10 basis points to a recovery low of 7.2 percent as insurance claims dipped to their lowest average yet. At the subsector level, growth was distributed among a range of industries, from professional and business services to retail trade to health care. As the national economy approaches 80.0 percent of lost jobs being recovered and total employment just 1.3 percent below its previous peak, questions over how businesses will respond to changes in regulation and fiscal policy will need to be answered, but positive external economic indicators and office-market performance present a picture of little lost momentum as we enter the final months of 2013.

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