HEADLINES:
+250,000 jobs added
U3 unemployment rate unchanged at 3.7%
U6 underemployment rate declined -0.1% from 7.5% to 7.4%
Here are the headlines on wages and the broader measures of underemployment:
Wages and participation rates
Not in Labor Force, but Want a Job Now: rose +72,000 from 5.237 million to 5.309 million
Part time for economic reasons: fell -21,000 from 4.642 million to 4.621 million
Employment/population ratio ages 25-54: rose +0.4% from 79.3% to 79.7%
Average Hourly Earnings for Production and Nonsupervisory Personnel: rose $.07 from $22.82 to $22.89, up +3.2% YoY. (Note: you may be reading different information about wages elsewhere. They are citing average wages for all private workers. I use wages for nonsupervisory personnel, to come closer to the situation for ordinary workers.)
Holding Trump accountable on manufacturing and mining jobs
Trump specifically campaigned on bringing back manufacturing and mining jobs. Is he keeping this promise?
Manufacturing jobs rose +32,000 for an average of +21,000/month in the past year vs. the last seven years of Obama’s presidency in which an average of +10,300 manufacturing jobs were added each month.
Coal mining jobs fell -200 for an average of -8/month vs. the last seven years of Obama’s presidency in which an average of -300 jobs were lost each month
August was revised upward by 16,000. September was revised downward by -16,000, for no net change.
The more leading numbers in the report tell us about where the economy is likely to be a few months from now. These were mainly positive.
the average manufacturing workweek fell by -0.1 hours to 40.8 hours. This is one of the 10 components of the LEI.
construction jobs rose by +30,000. YoY construction jobs are up +330,000.
temporary jobs rose by +3300.
the number of people unemployed for 5 weeks or less decreased by -8,000 from 2,065,000 to 2,057,000. The post-recession low was set five months ago at 2,034,000.
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