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Economy Overview

United States

Report | United States Employment Update - November 2014


​The U.S. economy saw the addition of 214,000 net new jobs in October; with revisions of earlier months' data, this makes October the eighth consecutive month with gains surpassing 200,000 jobs. This steady expansion has helped to push down unemployment, which fell by 10 basis points to 5.8 percent. Total unemployment, which includes detached workers, dropped by 30 basis points to a recovery low of 11.5 percent, which is also below the long-term average. The subsector heavyweights of leisure, hospitality, education and health surpassed PBS in October as the largest drivers of employment growth, while PBS revisions reduced office-using industries' share of gains to around one-sixth, well below-average. External indicators such as consumer confidence, wage growth, job openings, hires and quits all point to a healthy 2014 whose momentum will be sustained over the coming quarters.

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