On Nov 7th, three days after the 2014 midterm elections, the BLS released its Employment Situation Report for Oct 2014. The numbers are simple and not dramatically different from those that CPEG has analyzed for the past several months.
First, about 214,000 new jobs were created, continuing the string of net private job creation to 56 months, a new record.
Second, leisure and hospitality, health care and social assistance, retail trade and temporary help services – in that order – accounted for almost 3 of every 5 new jobs in October. Over the past year these four job categories accounted for almost half of all new jobs.
Third, the unemployment rate dropped slightly to 5.8%.
Fourth, the labor force participation rate remains very low at 62.8% although the employment/population ratio has risen by 1% over the past year.
Fifth, looking over the longer time span, the “Obama economy” has, to date generated more than 4.5 million new jobs vs the “Bush economy” new job creation of 1.5 million.
Sixth, although not part of the jobs report analysis, federal deficit is below 2% of GDP – lower than the 40 year average.
Few of the voters in the 2014 elections could have told you any of the foregoing – and some would have vehemently denied at least the last two points.