(Newswire.net — November 18, 2013) Miami, Florida — The Labor Department’s October report reveals that the unemployment rate rose to 7.3%. This is despite employers adding about 204,000 jobs. However, this scenario is more than expected following the partial shutdown of the federal government.
The biggest labor increases are in the leisure and hospitality sectors, having 53,000 new jobs, particularly at restaurants with 29,300 jobs. The professional and business services sector has also reap big job gains with an increase of 44,000 jobs.
Labor Department’s jobs report will be scrutinized by investors and economists to assess how the partial government shutdown affected labor market. The increase in unemployment rate was anticipated by experts as furloughed workers are included in the “unemployed” list if they are out of work a week.
The federal government shutdown has increased the number of workers who are on temporary layoff by around 500,000. And the number of people reporting that they became unemployed also increases in the past five weeks.
“November’s report, due out in early December, will contain some ‘bounce back’ from the shutdown that will continue to cloud the Fed’s interpretation of the state of the labor market, putting the Fed on hold at its next meeting in mid-December,” Robert Murphy, Boston College economics professor, said.
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Author: Abigail Orencia
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