Courtesy of Mish.
Initial Reaction
The payroll survey shows a net gain of 214,000 jobs vs. an expectation of 240,000 jobs. Last month was revised up from 248,000 to 256,000.
The labor force rose by a solid 416,000.
The unemployment rate fell by 0.1% on the basis of increased employment (+683,000) instead of the more typical reason that people dropped out of the labor force. Swings in employment and the labor force have been wild lately.
All things considered, this was a pretty strong report.
The one drawback is where the job gains came from. 52,000 of those jobs came in the leisure and hospitality category. Of them, 42,000 were in food and drinking services. These are typically low-pay if not minimum wage jobs.
BLS Jobs Statistics at a Glance
- Nonfarm Payroll: +214,000 – Establishment Survey
- Employment: +683,000 – Household Survey
- Unemployment: -267,000 – Household Survey
- Involuntary Part-Time Work: -76,000 – Household Survey
- Voluntary Part-Time Work: +208,000 – Household Survey
- Baseline Unemployment Rate: -0.1 at 5.8% – Household Survey
- U-6 unemployment: -0.3 to 11.5% – Household Survey
- Civilian Non-institutional Population: +211,000
- Civilian Labor Force: +416,000 – Household Survey
- Not in Labor Force: -206,000 – Household Survey
- Participation Rate: +0.1 at 62.8 – Household Survey
October 2014 Employment Report
Please consider the Bureau of Labor Statistics (BLS) October2014 Employment Report.
Total nonfarm payroll employment rose by 214,000 in October, and the unemployment rate edged down to 5.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in food services and drinking places, retail trade, and health care.
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