Nonfarm payroll jobs advanced 214,000 in October after gaining 256,000 September and 203,000 in August. Net revisions for August and September were up 31,000. The median market forecast for October was for a 240,000 boost.
The unemployment rate dipped to 5.8 percent in October from 5.9 percent in September. Expectations were for 5.9 percent.
Going back to the payroll report, private payrolls grew 209,000 after advancing 244,000 in September. Analysts projected 235,000.
Goods-producing jobs increased 28,000 in October after a 36,000 gain the month before. Manufacturing employment increased 15,000 in October, following a rise of 9,000 in September. Motor vehicles and parts rebounded 3,000, after slipping 1,000 the month before. Construction advanced 12,000 after a gain of 19,000 in September. Mining edged up 1,000 in October, following an 8,000 rise in September.
Private service-providing jobs gained 181,000 after a 208,000 boost in September. Strength again was seen in professional & business services and retail trade.
Average hourly earnings edged up 0.1 percent after no change in September. Market forecasts were for 0.2 percent. Average weekly hours ticked up to 34.6 hours versus 34.5 hours in September. Projections were for 34.6 hours.
Essentially, the labor market is improving but slowly and remains soft. Based on today's data and unless the numbers strengthen faster the Fed likely will not rush increases in policy rates.
Recent History Of This Indicator:
Nonfarm payroll employment in September gained 248,000, after a 180,000 rise in August and 243,000 increase in July. Revisions to July and August were quite sizeable and positive. Net revisions for July and August were up a sharp 69,000. The unemployment rate declined to 5.9 percent from 6.1 percent in August. Expectations were for 6.1 percent. The jobless rate was at a six year low. From the household survey in September, the labor force declined 97,000, employment gained 232,000, and the number of unemployed dropped 329,000. The "U-6" under-employment rate dipped to 11.8 percent from 12.0 percent in August. This figure includes unemployed, those working part time for economic reasons, and those marginally attached to the labor force. Going back to the payroll report, private payrolls advanced 236,000 in September after a 175,000 boost in August. Average hourly earnings were unchanged in September after a 0.3 percent rise the month before. Average weekly hours ticked up to 34.6 hours versus 34.5 hours in August and expectations for 34.5 hours.
Nonfarm payroll employment in September gained 248,000, after a 180,000 rise in August and 243,000 increase in July. Revisions to July and August were quite sizeable and positive. Net revisions for July and August were up a sharp 69,000. The unemployment rate declined to 5.9 percent from 6.1 percent in August. Expectations were for 6.1 percent. The jobless rate was at a six year low. From the household survey in September, the labor force declined 97,000, employment gained 232,000, and the number of unemployed dropped 329,000. The "U-6" under-employment rate dipped to 11.8 percent from 12.0 percent in August. This figure includes unemployed, those working part time for economic reasons, and those marginally attached to the labor force. Going back to the payroll report, private payrolls advanced 236,000 in September after a 175,000 boost in August. Average hourly earnings were unchanged in September after a 0.3 percent rise the month before. Average weekly hours ticked up to 34.6 hours versus 34.5 hours in August and expectations for 34.5 hours.
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