Oct Payrolls fell by 190k, 15k more than expected BUT net revisions were up by 91k over the two prior months. The unemployment rate rose to 10.2%, .3% more than expected and up from 9.8% in Sept as household employment fell by 589k and the labor force shrunk by 31k. The all in rate rose to 17.5% from 17% and the average duration of unemployment rose to 26.9 weeks from 26.2 in Sept and 22.5 back in May. Average weekly hours held at the lowest level since at least ’64 but Average hourly earnings rose .3%, .2% more than expected. Manufacturing shed 61k jobs, 19k more than expected. Most other sectors lost jobs. The one positive was the 34k increase in temp workers, up for a 3rd month and is historically a precursor to permanent hiring assuming economic trends continue to improve. Education, health and federal government added jobs. The Birth/Death model magically added 86k jobs vs 94k in Oct ’08. Bottom line, sluggish labor picture continues albeit at a less bad level.

Category: MacroNotes

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

3 Responses to “Payrolls, sluggishness continues”

  1. ashpelham2 says:

    Your greatest asset as an American is your ability to earn a paycheck.

  2. CTB says:

    We need to keep the hamster wheels going!

  3. davossherman@gmail.com says:

    U3 and U6 is over 20%, http://www.shadowstats.com/section/content-feed/commentaries has it right. “• September Unemployment Rates: U.3 = 9.8%, U.6 = 17.0%, SGS = 21.4%”

    So now, minus the CNBC BS cheer-leading with Maria’s fingers on the chalk board voice that almost has me missing Beaker, we are pushing 22%.

    Spells depression not recovered recession and explains why, in part, gold is up and the dollar is circling the toilet.

    Welcome to Zimbabwe.