261,000 jobs added in October

Posted by Paladin on November 03, 2017

The Latest From the BLS Employment Report:

The Labor Department released its October jobs report, which shows that the economy has rebounded following hurricane disruptions last month.

The October jobs report showed an increase in total nonfarm employment by 261,000 jobs, while the unemployment rate dropped slightly to 4.1 percent. There was a sharp increase in employment in bars, restaurants and hotels, which a direct result of hurricane recovery. Additionally, September’s report was revised up from a loss of 33,000 jobs to a gain of 18,000 jobs. Employment also increased in professional and business services, manufacturing and health care.

The Federal Reserve is expected to raise interest rates in December. Despite concern about the lack of inflation, particularly the hourly wage growth being flat month-over-month, we should still prepare for that increase.

Economists’ predictions

The October jobs report fell short of Wall Street expectations of a 310,000 increase in jobs, but the unemployment rate came in .1 percent below expectations.

“Today’s report, albeit a little bit mixed, is still a relatively decent number. It still points towards the positive trend that we’ve seen in payroll growth over the last several months and the last couple of years actually,” said Tony Bedikian, head of global markets at Citizens Bank. “In general, the economy is moving along, though a little softer than many market participants anticipated.”

This Month’s Jobs Report

Let’s break down the numbers from this month’s jobs report

In October, hourly wages increased by $-0.01 to $26.53 per hour, following a 12 cent increase in September. This brings the year-over-year wage percentage increase to 2.4 percent. The unemployment rate saw a slight downtick to 4.1 percent.

Wages

  • $26.53 October
    • -0.01 month-over-month
    • 2.4% year-over-year
  • $26.54 September

Unemployment

  • 4.1% October
    • -0.1% month-over-month
  • 4.2% September

National Unemployment Rate

October 2015-2017

In-Depth Look: Our Industries

Let’s take a look at how the Accounting and Finance industry is performing.

Manufacturing

  • Month-over-month change: 24,000
  • 156,000 jobs added year-over-year

Administrative and support services

  • Month-over-month change: 29,800
  • 278,600 jobs added year-over-year

Advertising and related services

  • Month-over-month change: 1,400
  • -2,800 jobs lost year-over-year

Professional and business services

  • Month-over-month change: 50,000
  • 536,000 jobs added year-over-year

Publishing industries, except Internet

  • Month-over-month change: -1,200
  • -12,900 jobs lost year-over-year

Hospitals

  • Month-over-month change: 2,800
  • 72,400 jobs added year-over-year

Data processing, hosting and related services

  • Month-over-month change: 1,100
  • 3,600 jobs added year-over-year

Construction

  • Month-over-month change: 11,000
  • 187,000 jobs added year-over-year

Specialized design services

  • Month-over-month change: -400
  • -1,700 jobs lost year-over-year

Transportation and warehousing

  • Month-over-month change: 8,400
  • 108,100 jobs added year-over-year

Office administrative services

  • Month-over-month change: 2,800
  • 30,100 jobs added year-over-year

Health care

  • Month-over-month change: 21,500
  • 300,600 jobs added year-over-year

Motion picture and sound recording industries

  • Month-over-month change: 3,100
  • -29,000 jobs lost year-over-year

Posted in: Employers, Job Seekers, Jobs Reports

Post a comment