Gallup says the unadjusted unemployment rate fell to 7.3%, while the adjusted rate is down to 7.7%. The unadjusted rate is the lowest since Gallup began tracking employment in January of 2010.
The same survey found the number of Americans who are working part-time, but want full-time work is up slightly from 8.6% to 9%. These numbers point to another drop in the unemployment rate when the BLS releases the new numbers in November.
The decline in unemployment but uptick in the number of Americans working part time but looking for full-time work is likely the result of seasonal hiring, which picks up in the fall for Halloween and continues through the end of the holiday season. Still, seasonally adjusted employment, which accounts for these types of periodic fluctuations, has declined modestly since the end of September. This is a promising sign that employers are adding jobs that will last into the new year.
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