Photo: David Tribble via Wikimedia Commons

The October non-farm payrolls number is out, and they’re so so.The bad news is that only 80K new jobs were created. That compares to expectations of 105K.

And there were only 104K new private jobs, which compares to expectations of 125K.

The good news is that unemployment fell to 9.0% from 9.1%.

And U6 — the so-called real unemployment rate, because it measures discouraged workers — fell from 16.5% to 16.2%.

The really good news  though was the revisions: Prior months keep getting revised higher. Last month has been revised from 103K to 158K.

Markets bounced on the news, but have settled back.

Here’s the full report from the BLS:

Nonfarm payroll employment continued to trend up in October (+80,000),
and the unemployment rate was little changed at 9.0 per cent, the U.S.
Bureau of labour Statistics reported today. Employment in the private
sector rose, with modest job growth continuing in professional and
businesses services, leisure and hospitality, health care, and mining.
Government employment continued to trend down.

Household Survey Data

Both the number of unemployed persons (13.9 million) and the
unemployment rate (9.0 per cent) changed little over the month. The
unemployment rate has remained in a narrow range from 9.0 to 9.2
per cent since April. (See table A-1.)

Among the major worker groups, the unemployment rate declined for
blacks (15.1 per cent) in October, while the rates for adult men (8.8
per cent), adult women (8.0 per cent), teenagers (24.1 per cent), whites
(8.0 per cent), and Hispanics (11.4 per cent) showed little or no
change. The jobless rate for Asians was 7.3 per cent, not seasonally
adjusted. (See tables A-1, A-2, and A-3.)

In October, the number of long-term unemployed (those jobless for 27
weeks and over) declined by 366,000 to 5.9 million, or 42.4 per cent of
total unemployment. (See table A-12.)

The civilian labour force participation rate remained at 64.2 per cent
in October, and the employment-population ratio was little changed at
58.4 per cent. (See table A-1.)

The number of persons employed part time for economic reasons
(sometimes referred to as involuntary part-time workers) decreased by
374,000 to 8.9 million in October. These individuals were working part
time because their hours had been cut back or because they were unable
to find a full-time job. (See table A-8.)

In October, 2.6 million persons were marginally attached to the labour
force, about the same as a year earlier. (The data are not seasonally
adjusted.) These individuals were not in the labour force, wanted and
were available for work, and had looked for a job sometime in the
prior 12 months. They were not counted as unemployed because they had
not searched for work in the 4 weeks preceding the survey. (See table

Among the marginally attached, there were 967,000 discouraged workers
in October, a decrease of 252,000 from a year earlier. (The data are
not seasonally adjusted.) Discouraged workers are persons not
currently looking for work because they believe no jobs are available
for them. The remaining 1.6 million persons marginally attached to the
labour force in October had not searched for work in the 4 weeks
preceding the survey for reasons such as school attendance or family
responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment continued to trend up in October
(+80,000). Over the past 12 months, payroll employment has increased
by an average of 125,000 per month. In October, private-sector
employment increased by 104,000, with continued job growth in
professional and business services, leisure and hospitality, health
care, and mining. Government employment continued to contract in
October. (See table B-1.)

Employment in professional and business services continued to trend up
in October (+32,000) and has grown by 562,000 over the past 12 months.
Within the industry, there have been modest job gains in recent months
in temporary help services and in management and technical consulting

Employment in leisure and hospitality edged up over the month
(+22,000). Since a recent low point in January 2010, the industry has
added 344,000 jobs.

Health care employment continued to expand in October 2011 (+12,000),
following a gain of 45,000 in September. Offices of physicians added
8,000 jobs in October. Over the past 12 months, health care has added
313,000 jobs.

In October, mining employment continued to increase (+6,000); oil and
gas extraction accounted for half of the increase. Since a recent low
point in October 2009, mining employment has risen by 152,000.

Manufacturing employment changed little in October 2011 (+5,000) and has
remained flat for 3 months. In October, a job gain in transportation
equipment (+10,000) was partly offset by small losses in other
manufacturing industries.

Within retail trade, employment increased in general merchandise
stores (+10,000) and in motor vehicle and parts dealers (+6,000) in
October. Retail trade has added 156,000 jobs over the past 12 months.

Construction employment declined by 20,000 in October, largely
offsetting an increase of 27,000 in September; both over-the-month
changes largely occurred in nonresidential construction. Employment in
both residential and nonresidential construction has shown little net
change in 2011.

Employment in other major private-sector industries, including
wholesale trade, transportation and warehousing, information, and
financial activities, changed little in October.

Government employment continued to trend down over the month (-24,000),
with most of the October decline in the non-educational component of
state government. Employment in both state government and local
government has been trending down since the second half of 2008.

The average workweek for all employees on private nonfarm payrolls was
unchanged at 34.3 hours in October. The manufacturing workweek rose by
0.2 hour to 40.5 hours, and factory overtime remained at 3.2 hours.
The average workweek for production and nonsupervisory employees on
private nonfarm payrolls edged up by 0.1 hour to 33.7 hours in
October. (See tables B-2 and B-7.)

In October, average hourly earnings for all employees on private
nonfarm payrolls increased by 5 cents, or 0.2 per cent, to $23.19. This
increase followed a gain of 6 cents in September. Over the past 12
months, average hourly earnings have increased by 1.8 per cent. In
October, average hourly earnings of private-sector production and
nonsupervisory employees increased by 3 cents, or 0.2 per cent, to
$19.53. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for August was revised
from +57,000 to +104,000, and the change for September was revised
from +103,000 to +158,000.

The Employment Situation for November is scheduled to be released on
Friday, December 2, 2011, at 8:30 a.m. (EST).





Here it is folks: The economic report of the month.

We’ll have the data LIVE at 8:30 AM ET when it comes out.

Here are the expectations:

  • Change in non-farm payrolls: +95K
  • Change in private payrolls +125K
  • Change in manufacturing payrolls +2K
  • Unemployment Rate: 9.1%
  • Average Hourly Earnings Growth (mum): 0.2%
  • Average Weekly Hours All Employees: 34.3

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