The jobs report overall topped expectations, though there were some weak spots. Total payroll jobs in October increased 204,000, following a revised increase of 163,000 for September (originally up 148,000) and after a revised gain of 238,000 for August (previous estimate was 193,000). The consensus forecast was for a 120,000 rise for the latest month. The net revisions for August and September were up 60,000. Private payrolls gained 212,000 after a 150,000 increase in September. The consensus expected 128,000 in October.
The unemployment rate firmed to 7.3 percent after dipping to 7.2 percent in September. The median forecast was for a 7.3 percent unemployment rate.
Goods-producing jobs advanced 35,000 after rising 27,000 in September. Manufacturing was up 19,000 after edging up 4.000 in September. Construction gained 11,000, following a boost of 18,000. Mining rose 4,000 after a rise of 5,000 in September.
According to the Bureau of Labor Statistics, "There were no discernible impacts of the partial federal government shutdown on the estimates of employment, hours, and earnings from the establishment survey."
Private service-providing jobs increased 177,000 in October after a 123,000 rise in September. The October gain was led by professional and business services (up 21,000), leisure and hospitality (up 53,000), retail trade (up 44,000), and professional & business services (up 44,000).
Government jobs declined 8,000 in October after gaining 13,000 in September.
Wage growth was sluggish in October, rising only 0.1 percent for average hourly earnings, following 0.1 percent the month before. Expectations were for a 0.2 percent gain. The average workweek held steady at 34.4 hours, but falling short of analysts' forecast for 34.5 hours.
Overall, the employment report showed moderately healthy job gains but there was sluggishness in wages and hours. And the unemployment rate rose. The Fed will have much to mull over ahead of its December policy meeting.
Source: Bloomberg
The unemployment rate firmed to 7.3 percent after dipping to 7.2 percent in September. The median forecast was for a 7.3 percent unemployment rate.
Goods-producing jobs advanced 35,000 after rising 27,000 in September. Manufacturing was up 19,000 after edging up 4.000 in September. Construction gained 11,000, following a boost of 18,000. Mining rose 4,000 after a rise of 5,000 in September.
According to the Bureau of Labor Statistics, "There were no discernible impacts of the partial federal government shutdown on the estimates of employment, hours, and earnings from the establishment survey."
Private service-providing jobs increased 177,000 in October after a 123,000 rise in September. The October gain was led by professional and business services (up 21,000), leisure and hospitality (up 53,000), retail trade (up 44,000), and professional & business services (up 44,000).
Government jobs declined 8,000 in October after gaining 13,000 in September.
Wage growth was sluggish in October, rising only 0.1 percent for average hourly earnings, following 0.1 percent the month before. Expectations were for a 0.2 percent gain. The average workweek held steady at 34.4 hours, but falling short of analysts' forecast for 34.5 hours.
Overall, the employment report showed moderately healthy job gains but there was sluggishness in wages and hours. And the unemployment rate rose. The Fed will have much to mull over ahead of its December policy meeting.
Source: Bloomberg
