Following last month’s downside shock, comes this month’s big surprise to the upside. The Bloomberg Consensus estimate was 190,000 jobs and the headline total was 271,000. The unemployment rate declined to 5.0%, the lowest since April 2008. A rate hike in December is likely.
BLS Jobs Statistics at a Glance
October 2015 Employment Report
Please consider the Bureau of Labor Statistics (BLS) Current Employment Report.
Total nonfarm payroll employment increased by 271,000 in October, and the unemployment rate was essentially unchanged at 5.0 percent. Job gains occurred in professional and business services, health care, retail trade, food services and drinking places, and construction.
Unemployment Rate – Seasonally Adjusted
Nonfarm Employment Change from Previous Month by Job Type
Hours and Wages
of all private employees was unchanged at 34.5 hours. Average weekly hours of all private service-providing employees was unchanged at 33.4 hours.
of private workers rose $0.09 to $21.18. Average hourly earnings of private service-providing employees rose $0.08 to $20.98.
For discussion of income distribution, please see
Birth Death Model
Starting January 2014, I dropped the
charts from this report. For those who follow the numbers, I retain this caution: Do not subtract the reported Birth-Death number from the reported headline number. That approach is statistically invalid. Should anything interesting arise in the Birth/Death numbers, I will add the charts back.