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Economy Overview

United States

Report | United States Employment Update - November 2013


​The U.S. economy added 204,000 jobs this October, a significant increase after months of slowing down across subsectors. Additionally, revisions pushed three-month net payroll increases to 605,000 jobs. At the same time, unemployment nudged up 10 basis points to 7.3 percent despite a 40-basis-point decline in the labor force participation rate to a new low of 62.8 percent. Growth throughout the economy means that 82.8 percent of jobs lost during the recession have been recovered; there are around 1.5 million jobs left until peak employment is hit. Office-using industries represented 27.5 percent of gains in October as other subsectors posted sustained growth. Leisure and hospitality and education and health, along with retail trade, remain the major non-office drivers of the recovery and are likely to continue to do so over the coming years. We expect consistent, sustained job growth through the end of 2013 and into 2014 as the recovery broadens in its economic and geographic scope.

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