Accounting gains 3,800 jobs in October

… while U.S. unemployment hits 26-year high of 10.2%.

click to enlarge
click to enlarge

The Accounting and Bookkeeping sector of the economy gained jobs at a seasonally adjusted rate of 3,800 in October, according to today’s Bureau of Labor Statistics report from the Department of Labor.

October’s total employment in the sector came to a seasonally adjusted 937,700, according to the BLS, compared to the year-ago month’s 946,400, a net decline of 8,700 positions, or less than 1 percent.

Without the seasonal adjustments, October’s industry headcount stood at 876,100, up from September’s 860,500, but down from the year-ago’s 881,1000. The not seasonally adjusted figure for August was 864,200.

The 3,800 jobs gain in the seasonally adjusted estimate for October represents a bounceback from September’s loss of 5,900 jobs from August’s 938,000 level. Until the numbers are revised again, August could stand as the worst month for job losses in the sector in a while.

Overall, the U.S. economy lost 190,00 in October, raising the unemployment rate to 10.2 percent.

For some perspective, here is the current 10-year look at accounting and bookkeeping:

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From a peak of 968,700 jobs in January 2008, the second month of the recession, accounting and bookkeeping has lost 31,000 jobs. But appears to have recovered earlier this year and since March has steadied with some slight month-to-month variations.

3 Responses to “Accounting gains 3,800 jobs in October”

  1. Naperville CPA

    10.2%. worst in 26 years, is real bad news:(
    Accounting is something that gives us a relief

  2. Caleb

    A – Some public accounting offices probably had new associates start last month too. Another possibility. I’m not sure of the BLS hocus-pocus though.

  3. Adrienne

    Interesting, thanks for posting this, Rick. After I pointed this post out on Twitter someone (half-jokingly) said that’s because the IRS is hiring a bunch of agents and that we shouldn’t be too encouraged by these numbers as a result. What do you think?