In October, the U.S. unemployment rate dropped by a full percentage point to 6.9 percent, according to the latest U.S. Bureau of Labor Statistics report.
The national unemployment rate has been declining since soaring to 14.7 percent in April. It dropped to 13.3 percent in May, 11.1 percent in June, 10.2 percent in July and 8.4 percent in August. The U.S. unemployment rate in September was 7.9 percent.
Arkansas has roughly followed the same path as the national unemployment rate, peaking at 10.8 percent in April, and declining through July, when the rate was 7.1 percent. However, Arkansas’ unemployment rate spiked to 7.4 percent in August before dropping to 7.3 percent in September.
Across the country, the number of unemployed individuals decreased by 1.5 million to 11 million. All of the major worker groups saw unemployment declines during October, including 6.7 percent for adult men, 6.5 percent for adult women and 13.9 percent for teenagers.
The U.S. Bureau of Labor Statistics report also noted unemployment rate declines across multiple racial groups. For White workers, there was a 6 percent decline; for Black workers, there was a 10.8 percent decline; for Asian workers, there was a 7.6 percent decline; and for Hispanic workers, there was an 8.8 percent decline.
Job creation continued during October with the total nonfarm payroll employment rising by 638,000. However, this was down from September’s report, when 661,000 new jobs were created.
In total, private industry created approximately 906,000 new jobs in October, with the leisure and hospitality adding the most jobs – 271,000 – during the month. The professional and business services sector added 208,000 jobs, while the retail industry added 104,000 jobs.
Construction also saw a substantial employment increase with 84,000 jobs, and the health care and social assistance sectors rose by 79,000 jobs.
Government employment dropped by 268,000 in October, with temporary 2020 Census workers accounting for 147,000 job losses. Local government education and state government education job losses numbered 98,000 and 61,000, respectively.
“The strong economic rebound continues, with approximately 900,000 private sector jobs gained back in September and again in October, and the October unemployment rate dropping a full point, to 6.9 percent. Labor force participation increased, and Asian, Black, and Hispanic Americans all saw substantial decreases in unemployment. The unemployment rate for adult women is now lower than for adult men,” U.S Secretary of Labor Eugene Scalia said in a statement.
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