Posted by Paladin on November 13, 2013
A summary of the BLS jobs report for the professional and business services industry — based on October 2013 data.
As the release date of the BLS’ “The Employment Situation – October 2013” report neared, economists had no reason to believe that hiring upturned considerably last month.
After all, according to original estimates, 160,000 new jobs were generated each month, on average, during the third quarter, a much lower monthly average than was recorded during the first or second quarters. Additionally, the federal government shutdown resulted in the furlough of approximately 800,000 federal employees adding another element of question around the report.
With this in mind, a majority of economists anticipated moderate job growth, projecting that roughly 100,000 to 150,000 new jobs were created in October.
Surprisingly, the forecasts were not accurate, as total nonfarm payroll employment increased substantially, rising by 204,000– the largest monthly upsurge since February. Yet, despite the improvement in job creation, there was a very minor increase in the unemployment rate of .1 percent to 7.3 percent.
Total private sector employment also continued to increase, rising by 212,000. The sector has reported steady job growth every month since March 2010; in that time, 7.8 million new jobs have been added to the economy. In addition, according to October’s jobs report, August and September’s total nonfarm payroll employment figures were each altered last month, rising by 60,000 jobs.
As a result of these revisions, as well as October’s encouraging payroll figures, an average of 190,000 new jobs have been generated on a monthly basis since October 2012, a sign that recent job growth trends are indicating that nonfarm payroll employment will continue to steadily rise throughout the fourth quarter.