December unemployment figures released

THE RECORD EAGLE

 

TRAVERSE CITY (TNS) — The national unemployment rate dropped 1.1 percent in 2014 to 5.6 percent in December, according to a Bureau of Labor Statistics report.

The civilian labor force participation rate dropped too, to 62.7 percent. The participation rate declined steadily since December 2005, when 66 percent of the population participated in the labor force.

Nearly 32 percent of the unemployed were classified as long-term unemployed, or jobless for at least 27 weeks. The number of long-term unemployed dropped to 2.8 million in December, 2014, a decline of 1.1 million over the year.

The number of discouraged workers dropped by 177,000 people in 2014 to a total of 740,000. Discouraged workers are those not currently looking for work because they believe no jobs are available to them.

Job growth averaged 246,000 per-month in 2014, compared with an average monthly gain of 194,000 in 2013.

Monthly job gains varied by industry. Average job gain in professional and business services was 61,000 in 2014. Job gain in food service was 30,000 per-month, health care was 26,000, manufacturing was 16,000. Construction added 48,000 jobs in December.

Employment in retail trade, mining and logging, transportation and warehousing, information and government saw little change. Employment in wholesale trade and in financial activities continued to trend up.

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Posted by Tribune News Services

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