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.
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