October nonfarm payrolls: +638K vs. 575K consensus and 672K previous (revised from +661K).
In October, notable job gains occurred in leisure and hospitality, professional and business services, retail trade, and construction, while employment in government declined.
The rise in employment marks six straight months of increases. In addition, the September jobs number was revised up by 11K and August's was revised up by 4K to 1.493M.
Unemployment rate: 6.9% vs. 7.7% consensus and 7.9% prior; the broader U6 unemployment rate improved to 12.1% from 12.8% prior.
Jared Bernstein, senior fellow at Center on Budget and former economic adviser to Joe Biden, notes that payrolls are still down 10M from the pre-COVID peak. As he puts it: "Job market healing, but not healed."
Average hourly earnings edge down 0.1% M/M and decline 4.5% Y/Y; average weekly hours of 34.8 are unchanged but came in a hair better than the 34.7 consensus.
The number of people on temporary layoff fell by 1.4M to 3.2M; that's down from the peak of 18.1M in April but is still 2.4M higher than in February.
Those experiencing a permanent job loss, 3.7M in October, is little changed vs. September, but is 2.4M higher than in February.
The number of long-term unemployed increased by 1.2M to 3.6M.
Labor force participation rate increased by 0.3 percentage point to 61.7% in October.
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