The Employment Situation: October 2006 — 2006-11-03

Employment increased in October, and the unemployment rate declined to 4.4 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Nonfarm payroll employment grew by 92,000 in October follow- ing gains of 148,000 in September and 230,000 in August (as revised). In October, job growth continued in several service-providing industries, while employment declined in manufacturing and construction. Average hourly earn- ings rose by 6 cents over the month. The number of unemployed persons (6.7 million) edged down in October, and the unemployment rate declined to 4.4 percent. A year earlier, the number of unemployed persons was 7.4 million and the jobless rate was 4.9 percent. Unemployment rates for most major worker groups--adult men (3.8 percent), teenagers (15.4 percent), whites (3.9 percent), and blacks (8.6 percent)-- showed little or no change over the month. The jobless rates for adult women (3.9 percent) and Hispanics (4.7 percent) fell in October.