Courtesy of Mish.
Initial Reaction
Today’s employment report shows an increase of 161,000 jobs. So far this year, job gains for the nation have averaged 181,000 per month, compared to an average monthly increase of 229,000 in 2015.
The employment change for September revised up from +156,000 to +191,000, and the change for August revised up from +167,000 to +176,000. Including revisions, job growth has averaged 176,000 over the past 3 months.
The household survey actually shows a loss in employment for the month of 43,000.
Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.
BLS Jobs Statistics at a Glance
- Nonfarm Payroll: +161,000 – Establishment Survey
- Employment: -43,000 – Household Survey
- Unemployment: -152,000 – Household Survey
- Involuntary Part-Time Work: -5,000 – Household Survey
- Voluntary Part-Time Work: +23,000 – Household Survey
- Baseline Unemployment Rate: -0.1 to 4.9% – Household Survey
- U-6 unemployment: -0.2 to 9.5% – Household Survey
- Civilian Non-institutional Population: +230,000
- Civilian Labor Force: -195,000 – Household Survey
- Not in Labor Force: +425,000 – Household Survey
- Participation Rate: -0.1 to 62.8 – Household Survey
Employment Report Statement
Total nonfarm payroll employment rose by 161,000 in October, and the unemployment rate was little changed at 4.9 percent. Employment continued to trend up in health care, professional and business services, and financial activities.
