[credit provider=”Velo Steve via flickr ” url=”http://www.flickr.com/photos/juniorvelo/3212671393/”]
The number is out and it’s good.
171K net new jobs came in way above expectations.
However, unemployment rose to 7.9%.
S&P futures up 5 points.
There were also strong revisions to previous months, adding another 80K.
So, overall, a very solid report. The unemployment rate ticked higher, but the participation rate rose a little bit, so that’s a wash politically.
The most surprising thing about the report is that the strong establishment survey flies in the face of what corporate leaders have been saying, about how they’re not hiring because they’re so nervous.
Some meat from the report is below
Total nonfarm payroll employment increased by 171,000 in October. Employment growth
has averaged 157,000 per month thus far in 2012, about the same as the average monthly
gain of 153,000 in 2011. In October, employment rose in professional and business
services, health care, and retail trade. (See table B-1.)
Professional and business services added 51,000 jobs in October, with gains in
services to buildings and dwellings (+13,000) and in computer systems design (+7,000).
Temporary help employment changed little in October and has shown little net change
over the past 3 months. Employment in professional and business services has grown by
1.6 million since its most recent low point in September 2009.
Health care added 31,000 jobs in October. Job gains continued in ambulatory health
care services (+25,000) and hospitals (+6,000). Over the past year, employment in
health care has risen by 296,000.
Retail trade added 36,000 jobs in October, with gains in motor vehicles and parts dealers
(+7,000), and in furniture and home furnishings stores (+4,000). Retail trade has added
82,000 jobs over the past 3 months, with most of the gain occurring in motor vehicles
and parts dealers, clothing and accessories stores, and miscellaneous store retailers.
Employment in leisure and hospitality continued to trend up (+28,000) over the month.
This industry has added 811,000 jobs since a recent low point in January 2010, with
most of the gain occurring in food services.
Employment in construction edged up in October. The gain was concentrated in specialty
trade contractors (+17,000).
Manufacturing employment changed little in October. On net, manufacturing employment
has shown little change since April.
Mining lost 9,000 jobs in October, with most of the decline occurring in support
activities for mining. Since May of this year, employment in mining has decreased
Employment in other major industries, including wholesale trade, transportation and
warehousing, information, financial activities, and government, showed little change
over the month.
In October, the average workweek for all employees on private nonfarm payrolls was
34.4 hours for the fourth consecutive month. The manufacturing workweek edged down by
0.1 hour to 40.5 hours, and factory overtime was unchanged at 3.2 hours. The average
workweek for production and nonsupervisory employees on private nonfarm payrolls edged
down by 0.1 hour to 33.6 hours. (See tables B-2 and B-7.)
In October, average hourly earnings for all employees on private nonfarm payrolls edged
down by 1 cent to $23.58. Over the past 12 months, average hourly earnings have risen
by 1.6 per cent. In October, average hourly earnings of private-sector production and
nonsupervisory employees edged down by 1 cent to $19.79. (See tables B-3 and B-8.)
The change in total nonfarm payroll employment for August was revised from +142,000 to
+192,000, and the change for September was revised from +114,000 to +148,000.