Unemployment Rate Remains Steady For October

The Labor Department has released its labor statistics for the month of October. It showed that 250,000 new jobs were created in the economy. But that did not cover the 711,000 new entrants to the civilian work force, so the unemployment rate did not go down. It remained steady at 3.7%.

Here are the relevant statistics for October:

CIVILIAN WORK FORCE

162,637,000

OFFICIAL NUMBER OF UNEMPLOYED WORKERS

6,075,000

OFFICIAL UNEMPLOYMENT RATE

3.7%

DEMOGRAPHICS OF OFFICIAL UNEMPLOYMENT RATES

Adult men...............3.5%
Adult women...............3.4%
Teens (16-19)...............11.9%
Whites...............3.3%
Blacks...............6.2%
Hispanics...............4.4%
Asians...............3.2%
Not HS grad...............6.0%
HS degree...............4.0%
Some college...............3.0%
Bachelor's deg. or more...............2.0%

NUMBER OF MARGINALLY-ATTACHED UNEMPLOYED WORKERS (no longer counted)

1,491,000

MORE REALISTIC NUMBER OF UNEMPLOYED WORKERS (official + marginally-attached)

7,566,000

MORE REALISTIC UNEMPLOYMENT RATE

4.65%