October Jobs Report: Unemployment Down to 6.9%, Private Sector Employment Up Over 900,000
Will the economy continue to grow? Winter is coming…
Unemployment went down to 6.9% in October while the economy added 638,000 jobs.
Private sector employment rose over 900,000.
Here are the sectors:
- Leisure and hospitality: +271,000
- Professional and business services: +208,000
- Retail trade: +104,000
- Construction: +84,000
- Health Care and Social Assistance: +79,000
- Transportation and Warehousing: +63,000
- Other services: +47,000
- Manufacturing: +38,000
- Financial Activities: +31,000
Government employment went down by 268,000, which includes 147,000 temporary Census workers.
Average hourly earnings went up 4 cents to $29.50. The average workweek stayed the same at 34.8 hours.
The unemployment rates across the board went down in all major worker groups. Other positives:
Among the unemployed, the number of persons on temporary layoff fell by 1.4 million to 3.2 million. This measure is down considerably from the high of 18.1 million in April but is 2.4 million higher than in February. The number of permanent job losers, at 3.7 million in October, changed little over the month but is 2.4 million higher than in February. (See table A-11.)
In October, the number of long-term unemployed (those jobless for 27 weeks or more) increased by 1.2 million to 3.6 million, accounting for 32.5 percent of the total unemployed. By contrast, the number of unemployed persons jobless 15 to 26 weeks decreased by 2.3 million to 2.6 million, and the number of persons jobless 5 to 14 weeks decreased by 457,000 to 2.3 million. The number of persons who were jobless less than 5 weeks was about unchanged at 2.5 million. (See table A-12.)
The labor force participation rate increased by 0.3 percentage point to 61.7 percent in October; this is 1.7 percentage points below the February level. The employment-population ratio increased by 0.8 percentage point to 57.4 percent in October but is 3.7 percentage points lower than in February. (See table A-1.)
In October, the number of persons who usually work full time rose by 1.2 million to 123.6 million, and the number who usually work part time increased by 1.0 million to 26.2 million.
Will the trend stick around? Probably not because winter is coming:
Winter weather could also hurt industries such as restaurants that have been serving patrons outside. And the looming expiration of emergency jobless benefits could cause consumers to reduce spending, in turn pressuring employers to reduce costs by laying off employees.
Among the hardest hit could be restaurants, which were among the first to rehire but could be the first to lay off people, if the economy deteriorates.
But if the economy continues to grow the MSM will give Joe Biden the credit. That’s funny because when the economy boomed under President Donald Trump it wasn’t because of him. But when it went down due to lockdowns it was all his fault.
Gotta love hypocrisy!
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When I saw “winter is coming” in the tagline, I thought it was a prediction of a Biden win. That will surely be a dark winter for the economy.
I stopped caring what the U3 number was when the Regime redid the way it was calculated. The U6(12.1) is lower than any time under the regime
“How many jobs did you save or create today?”
That’ll be the headlines next year.
Well, you can be assured that if Biden were to win the presidency then then Harris administration would immediately find every way possible for them to squash the economic recovery. Guaranteed.
And blame it on “hoarders and wreckers”.
So, reduced unemployment, peace in the Middle East, addressing progressive prices under Obamacares, confronting influence peddling (“Water Closet”), standing against social progress (e.g. pedophilia, selective-child, human trafficking), standing up to diversity (e.g. racism) and exclusion, normalizing early, out-patient treatment of the virus formally from Wuhan, confronting leftist environmental and human rights abuses in China (and America), and more. Then, after all, the nation is equally or “=” divided?
Ending Obama’s wars (e.g. Iraq War 2.0) and paid Iranian-sponsored terrorism.
That’s nice. Too late to do any good.
Well, that won’t last. One thing Communists do well (apart from genocide) is wrecking the economy of a country.
Too bad we can’t vote them out of office when they screw up. The NeverTrumpers didn’t exactly think things through.