Payrolls Exceed Expectations At 250,000 Jobs, Unemployment Rate Steady At 3.7%

The BLS reports jobs expanded by 250,000 vs the Econoday consensus estimate of 190,000 jobs and ADP at 227,000.

?Initial Reaction

After revisions, job gains have averaged 218,000 over the past 3 months. That a solid set of numbers.

Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.

Job Revisions

The change in total nonfarm payroll employment for September was revised down from +134,000 to +118,000, and the change for August was revised up from +270,000 to +286,000. The downward revision in September offset the upward revision in August.

BLS Jobs Statistics at a Glance

Nonfarm Payroll: +250,000 – Establishment Survey

Employment: +600,000 – Household Survey

Unemployment: +111,000 – Household Survey

Involuntary Part-Time Work: -21,000 – Household Survey

Voluntary Part-Time Work: -317,000 – Household Survey

Baseline Unemployment Rate: steady at 3.7% – Household Survey

U-6 unemployment: -0.1 to 7.4% – Household Survey

Civilian Non-institutional Population: +224,000

Civilian Labor Force: +711,000 – Household Survey

Not in Labor Force: -487,000 – Household Survey

Participation Rate: +0.2 to 62.9– Household Survey

Employment Report Statement

Total nonfarm payroll employment rose by 250,000 in October, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in manufacturing, in construction, and in transportation and warehousing.

Unemployment Rate – Seasonally Adjusted ?

The above Unemployment Rate Chart is from the BLS. Click on the link for an interactive chart.

Nonfarm Employment Change from Previous Month by Job Type

Nonfarm Employment Change from Previous Month

Hours and Wages

Average weekly hours of all private employees was flat at 34.5 hours. Average weekly hours of all private service-providing employees was flat at 33.3 hours. Average weekly hours of manufacturers fell 0.1 hour at 38.8 hours.