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http://mam.econoday.com/byshoweventfull.asp?fid=467002&cust=mam&year=2015&lid=0&prev=/byweek.asp#top
http://www.bls.gov/news.release/pdf/empsit.pdf
Great day for Americans. Terrible day for republicans.
http://www.bls.gov/news.release/pdf/empsit.pdf
Great day for Americans. Terrible day for republicans.
Bring on that rate hike! Nonfarm payrolls surged 271,000 in October vs expectations for 190,000 and against Econoday's top-end forecast for 240,000. Revisions in prior months are not a factor. The unemployment rate is down 1 tenth at 5.0 percent with average hourly, to underscore all the strength and in a hint of wage inflation, jumping 0.4 percent. Government payrolls, up only 3,000, did not inflate the headline payroll gain as private payrolls rose 268,000.
Among the superlatives, the 271,000 rise for nonfarm payrolls is the strongest since December last year. The 5.0 percent unemployment rate is the lowest since April 2008. The broadly defined U-6 unemployment rate, a favorite of Janet Yellen's, is down 2 tenths to 9.8 percent for the lowest reading since May 2008. The year-on-year rate for average hourly earnings, at plus 2.5 percent, is the strongest since July 2009.
Payrolls in professional & business services surged 78,000 in the month with the subcomponent of temporary help services - considered a leading indicator for future hiring - up a very strong 25,000. Trade & transportation rose 51,000 while retail trade, which is gearing up for the holidays, rose 44,000. Construction spending is strong and payrolls show it, up 31,000 in the month. But the tide failed to lift the export-hit manufacturing sector where payrolls were unable to rise, unchanged in the month following two prior declines.
But there is favorable news on manufacturing as weekly hours in the sector edged higher to 40.7 with overtime also edging up, to 3.3 hours. These point to badly needed strength for industrial production. Other readings include no change for average weekly hours at 34.5, no change in the labor force participation rate at 62.4 percent, but a 1 tenth rise in the employment-to-population ratio to 59.3 percent.
Turning back to payroll revisions, September is revised 5,000 lower to 137,000 with August revised 17,000 higher to 153,000 for a net 12,000 gain. There's still one more employment report to go before the December FOMC - and anything of course can happen - but it seems academic following today's report which points to a pivot higher for an economy where domestic strength is offsetting foreign weakness.
