US Employment Report (excerpt).
==================================from www.McCombsConsulting.com/ECON/US Employment Report (excerpt).php
back to www.McCombsConsulting.com/index.html
==================================
THE EMPLOYMENT SITUATION -- OCTOBER 2010 Nonfarm payroll employment increased by 151,000 in October, and the unemployment rate was unchanged at 9.6 percent, the U.S. Bureau of Labor Statistics reported today. Since December 2009, nonfarm payroll employment has risen by 874,000. Household Survey Data The number of unemployed persons, at 14.8 million, was little changed in October. The unemployment rate remained at 9.6 percent and has been essentially unchanged since May. (See table A-1.) Among the major worker groups, the unemployment rate for adult men (9.7 percent), adult women (8.1 percent), teenagers (27.1 percent), whites (8.8 percent), blacks (15.7 percent), and Hispanics (12.6 per- cent) showed little change in October. The jobless rate for Asians was 7.1 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.) The number of long-term unemployed (those jobless for 27 weeks and over) was about unchanged over the month at 6.2 million. In October, 41.8 percent of unemployed persons had been jobless for 27 weeks or more. (See table A-12.) Both the civilian labor force participation rate, at 64.5 percent, and the employment-population ratio, at 58.3 percent, edged down over the month. (See table A-1.) The number of persons employed part time for economic reasons (some- times referred to as involuntary part-time workers) fell by 318,000 over the month to 9.2 million, partially offsetting large increases in the prior 2 months. 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.) About 2.6 million persons were marginally attached to the labor force in October, up from 2.4 million a year earlier. (The data are not sea- sonally adjusted.) These individuals were not in the labor force, want- ed 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 A-16.) Among the marginally attached, there were 1.2 million discouraged workers in October, an increase of 411,000 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 1.4 million persons marginally attached to the labor force 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 increased by 151,000 in October, re- flecting job gains in mining and a number of service-providing indus- tries. Private-sector payroll employment rose by 159,000 over the month; since December 2009, employment in the private sector has risen by 1.1 million. (See table B-1.) Within professional and business services, employment in temporary help services continued to increase in October, with a gain of 35,000. Temporary help services has added 451,000 jobs since a recent low in September 2009. Employment in computer systems design and related ser- vices increased by 8,000 in October and has risen by 53,000 since a recent low in June 2009. Health care continued to add jobs in October (+24,000). The gain was in line with the average increase over the prior 12 months (+20,000). Retail trade employment rose by 28,000 in October, including increases in automobile dealers (+6,000) and in electronics and appliance stores (+5,000). After reaching a trough in December 2009, employment in re- tail trade has expanded by 128,000. Within leisure and hospitality, a job loss in arts, entertainment, and recreation (-26,000) in October offset a gain in food services and drinking places employment (+24,000). The food services industry has added 143,000 jobs since a recent low in December 2009. Mining employment continued to trend up (+8,000) over the month. Since a recent low in October 2009, mining has added 88,000 jobs. Employment in manufacturing changed little in October (-7,000) and, on net, has essentially been flat since May. The industry had added 134,000 jobs during the first 5 months of this year. Elsewhere in the private sector, employment in construction, wholesale trade, transportation, information, and financial activities showed little change in October. Government employment overall was little changed in October. Employ- ment in local government, excluding education, decreased by 14,000 over the month and has fallen by 123,000 over the past 12 months. The number of temporary decennial census workers fell by 5,000 in October. After peaking at 564,000 in May, there were only about 1,000 temporary decennial census workers remaining on Federal payrolls in October. The average workweek for all employees on private nonfarm payrolls increased by 0.1 hour in October to 34.3 hours. The manufacturing workweek for all employees also increased by 0.1 hour, to 40.3 hours, while factory overtime was unchanged at 3.0 hours. The average work- week for production and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.6 hours in October. (See tables B-2 and B-7.) In October, average hourly earnings of all employees on private non- farm payrolls increased by 5 cents to $22.73. Over the past 12 months, average hourly earnings have increased by 1.7 percent. Average hourly earnings of private-sector production and nonsupervisory employees rose by 7 cents to $19.17. (See tables B-3 and B-8.) The change in total nonfarm payroll employment for August was revised from -57,000 to -1,000, and the change for September was revised from -95,000 to -41,000.
__________