November 07, 2014
The employment-to-population ratio increased by 0.2 percentage points in October to 59.2 percent. This is above the ratio of a year ago, although it is still down by more than 4.0 percentage points from its pre-recession peak.
The other news is the report was overwhelmingly positive. The establishment survey showed a gain of 214,000 jobs, with restaurants (42,000 jobs) and retail (27,000 jobs) leading the way. With upward revisions of 31,000 to the prior two months data bringing average growth over the last three months to 224,000. In addition, average weekly hours edged up to 34.6, the highest level since May of 2008.
The household survey also showed a further decline in involuntary part-time employment, with the number dropping 67,000 from the September level. It is now almost 1 million below the year-ago level.
By contrast, voluntary part-time employment is continuing to rise. It increased by 152,000 and now stands 880,000 above its year-ago level. The rise in voluntary part-time employment is likely in part attributable to the Affordable Care Act as workers are now able to get insurance through Medicaid or the exchanges, whereas previously they needed to work a full-time job.
