After a slight decline in September, nonfarm payrolls rose by 210,000 in October, continuing the trend of moderate gains that began in 1995. The employment-to-population ratio remained essentially unchanged from September; however, it stands half a percentage point higher than a year ago. Unemployment held steady at 5.2%, compared to 5.5% in October 1995 and 5.6% during all of last year. In addition, the median duration of unemployment fell to 8.3 weeks from 8.9 weeks in September.
Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-11, pp. 12, 11.01.1996.