Friday, November 8, 2013

BREAKING: 204,000 new jobs created in October, unemployment rate up 0.1% to 7.3%.

Good morning! Fresh electrons from the Bureau of Labor Statistics: the National Unemployment Rate was up 0.1% to 7.3% in October. 204,000 non-farm payroll jobs were created in October, which is good news. The broader U6 unemployment rate was up 0.2% to 13.8%.

[Look at that! The revisions for August and September were both up, a total of 60,000 jobs for both months. It's like finding $200 in your couch cushions!]

The unemployment rate for college graduates was up 0.1% to 3.8%; the unemployment rate for non-high school diploma holders was up 0.6% to 10.9%.

Chemical manufacturing employment was up 2,300 jobs to 794,100 people. Naturally, as the pharma layoffs actually happen (payroll-wise), that number will climb in the coming months.

The media will be focused on the good-looking payroll numbers; people should be looking at the employment-population ratio and the labor force participation rate, both of which took a bit of a dive.

UPDATE: Felix Salmon points out the effects of the shutdown on this report, which makes a lot of the data suspect. He's probably right, but I'm no market trader, just some guy with a blog. 

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looks like Blogger doesn't work with anonymous comments from Chrome browsers at the moment - works in Microsoft Edge, or from Chrome with a Blogger account - sorry! CJ 3/21/20