Lowest labor-force participation rate since 1978

The Bureau of Labor Statistics announced that the national unemployment rate rose in October to 7.3 percent from 7.2 percent one month earlier. There are 11.3 million Americans currently unemployed. The U-6 unemployment rate, which includes all workers who are unemployed or underemployed, rose to 13.8 percent, up from last month’s 13.6 percent. In total,...

The Bureau of Labor Statistics announced that the national unemployment rate rose in October to 7.3 percent from 7.2 percent one month earlier. There are 11.3 million Americans currently unemployed.

The U-6 unemployment rate, which includes all workers who are unemployed or underemployed, rose to 13.8 percent, up from last month’s 13.6 percent. In total, more than 21.3 million Americans are unemployed or underemployed.

Total nonfarm payroll employment rose by 204,000 in October, with the nation seeing job growth in leisure and hospitality, retail trade, professional services, manufacturing and health care over the month.

However, the nation’s slow job growth has not encouraged Americans to return to the labor force. The labor participation rate fell to 63.2 in October, the lowest it’s been in 35 years.