October was characterized by widespread strength in the nation’s labor markets, as nonfarm payrolls gained an unexpectedly high 284,000 workers. The unemployment rate hit a 24-year low (4.7%), although part of the decline came from a 106,000- person reduction in the labor force. Meanwhile, the ratio of employment to population stayed at 63.7%.
Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-11, pp. 12, 11.01.1997.