The U.S. unemployment rate continued to decline in the month of October, Gallup revealed in its mid-October report. According to the report, which was released on Wednesday, the unemployment rate fell to 7.3 percent in mid-October, down substantially from the 7.9 rate recorded in September.
The results are based on Gallup Daily tracking interviews of more than 30,000 adults from September 16 to October 15. Gallup noted that its seasonally adjusted unemployment rate "incorporates the .04 upward adjustment used by the U.S. Bureau of Labor Statistics in October of last year."
Gallup reported that the seasonally adjusted unemployment rate has also dropped since September, when it was at 8.1 percent, to 7.7 percent. The month's adjusted mid-month report is more than a point lower than in October 2011, Gallup stated.
Mid-October's unadjusted 7.3 rate is the lowest recorded since January 2010 and is a good indicator of the results that will be released by the U.S. Bureau of Labor Statistic next month.
According to Gallup, the number of part time workers wanting full-time work rose to 9 percent from 8.6 percent in September. However, the rate was an improvement from the 9.4 percent recorded in October 2011.
Despite this rise in part-timers wanting full-time work, the underemployment rate fell to 16.3 percent in October, Gallup said. Gallup recorded an underemployment rate of 16.5 percent in September. According to the report, the decline in unemployment but rise in part-time workers looking for full-time work is most likely due to seasonal hiring during the holiday season.
Gallup stated that the decline in seasonally adjusted employment "is a promising sign that employers are adding jobs that will last into the new year."
The mid-month unemployment report by Gallup may suggest a decline in unemployment rates released by the U.S. Bureau of Labor Statistic in its next report due November 2.