The Bureau of Labor Statistics’ unemployment report for October caused a big stir last week. The rate jumped to 6.5 percent from 6.1 percent in September. This is reportedly the highest national unemployment figure in 14 years.
While that’s certainly not good news, the unemployment figure isn’t cause for widespread gloom, either. After all, the U.S. still has at least 93 percent employment.
Some interesting numbers buried way down in the October report are worth highlighting. For people who are over 25 and have a bachelor’s or higher degree, the unemployment rate is 3.0. Talk about a great argument for college being one of the best career investments you can make! And for people with some college or an associate’s degree, the rate is 5.0 for October.
In terms of industries that are faring well, we keep hearing a lot about health care and mining. According to the report, the “education and health services” field had an unemployment rate of 3.9 percent, and the mining field was a 1.7 percent. The government workers category surprised me with a 2.5 unemployment rate!
If you look at occupations, the management and professional categories were in favorable territory, with only a 3.0 unemployment rate. Other categories with low rates were “sales and related occupations” at 5.9 percent, and “installation, maintenance, and repair occupations” at 5.1 percent.
Those kind of statistics point to some solid areas in the job market that we should all keep our eyes on!