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Employment Situation Report for October

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pinqy

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Employment Situation Summary

Non-Farm Payroll employment: UP 214,000 and August and September were revised UP by 31,000

Unemployment Rate: DOWN from 5.9% to 5.8% (U2, U4, U5, and U6 measures of underutilization also dropped. No change in the U1.)
Labor Force Level: UP 416,000
Labor Force Participation Rate: UP from 62.7% to 62.8%
Employment to Population ratio: UP from 59% to 59.2%
Not in the Labor Force: DOWN 206,000
Discouraged workers: UP 72,000

Those who usually work Full Time: UP 345,000
Part time: UP 334,000
Part Time for Economic Reasons: DOWN 76,000
 
Oh, and before someone tries to claim "But Christmas Hiring!!!!"....the Not Seasonally Adjusted increase in non-farm payroll employment was 1,054,000, knocked down to 214,000 after accounting for seasonal hiring.
 
I don't think anyone is going to suggest seasonal hiring occurred in October, or that it resulted in the number of payroll prints for that matter. The number of jobs created falls in line with the number of jobs created since the economy entered the recovery. Hiring isn't taking off, or growing exponentially. It's just... average. The problem aren't the number of jobs created. They're the type of jobs that are created.

Also, you forgot a couple of data points which relates to employment.

Average hourly earnings: +0.03
Average hourly earnings of private-sector production and nonsupervisory employees: +0.04
Annualised Growth: 2%
 
We can see that while nonfarm employment increased by 214,000 in October, there are still problems. The two biggest employers were food services/drinking places and retail, accounting for 42,000 and 27,000 jobs, respectively or a total of 32.2% of job growth. This is a problem as generally food service and retail pay minimum wage or at least close to it. So while people are gaining jobs, the jobs aren't particularly lucrative. This is also important due to the fact that many people working minimum wage jobs make so little that they can't support themselves and thus must go on some form of public assistance.

EDIT: Also, please note that the labor participation rate has barely changed from earlier this year. http://data.bls.gov/timeseries/LNS11300000

As you can see from the below graph, taken from the BLS website, we've been in an overall decline since about 2010.

EDIT 2: Thus, we can see that there are larger factors at play with regards to the LPR decreasing than just people retiring, especially since many older people have put off retirement due to the bad economy. (http://www.cbsnews.com/news/why-are-americans-putting-off-retirement/)

latest_numbers_LNS11300000_2004_2014_all_period_M10_data.gif
 
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The report sounds good. We haven't had this low of unemployment since July 2008, and we have not had 9 months of 200k job creation since 1995. If we can only get those wages up and participation. Other than that...don't screw us now housing market.
 
WallStreetVixen said:
The types of jobs being created are not the jobs the economy needs for long-term sustainable economic growth.
Click to expand...

what types of jobs are instead needed to provide a long-term sustainable economic growth?
 
pinqy said:
Employment Situation Summary

Non-Farm Payroll employment: UP 214,000 and August and September were revised UP by 31,000

Unemployment Rate: DOWN from 5.9% to 5.8% (U2, U4, U5, and U6 measures of underutilization also dropped. No change in the U1.)
Labor Force Level: UP 416,000
Labor Force Participation Rate: UP from 62.7% to 62.8%
Employment to Population ratio: UP from 59% to 59.2%
Not in the Labor Force: DOWN 206,000
Discouraged workers: UP 72,000

Those who usually work Full Time: UP 345,000
Part time: UP 334,000
Part Time for Economic Reasons: DOWN 76,000
Click to expand...

In the 14th year after the bubble first popped, you would hope it was better. But you are right. It is a breath of fresh air and understandable that the Fed is slowing economic support measures.
 
justabubba said:
what types of jobs are instead needed to provide a long-term sustainable economic growth?
Click to expand...

Generally highly productive and highly skilled jobs, and ones that pay well. More construction, good producing, education, financial and information, and less temporary, retail and hospitality jobs.
 
Gimmesometruth said:
Ok, specifically who....and what should be done?
Click to expand...

'Who' specifically is not relevant. That is relevant is what exactly is occurring in the labour market. An economic climate needs to be created to mitigate market uncertainty so firms can create the jobs that matters the most to long-term economic growth, instead of taking less risk by creating jobs that are essentially a dime in a dozen.
 
WallStreetVixen said:
'Who' specifically is not relevant. That is relevant is what exactly is occurring in the labour market. An economic climate needs to be created to mitigate market uncertainty so firms can create the jobs that matters the most to long-term economic growth, instead of taking less risk by creating jobs that are essentially a dime in a dozen.
Click to expand...

The only "market uncertainty" that is relevant is DEMAND. With wage growth so low there is little hope that demand will pick up. I think it is time for a Federal minimum wage hike and so do voters.

If there was upsets and contention in much of midterm voting, there was one topic on which the electorate was largely united: raising the minimum wage. Alaska, Arkansas, Nebraska, and South Dakota all had ballot measures on raising state minimum wages above both their current levels and the federal $7.25 an hour figure.

All four states passed the measures, most by significant margins. More than two-thirds of voters in Alaska agreed to raise minimum wage to $9.75 by 2016. Sixty-five percent of Arkansas voters set the state on course to adopt an $8.50 figure by 2017. In Nebraska, 59 percent said the number should be $9 an hour by 2016. Only South Dakota stood out with a slimmer margin; 53 percent voted to raise minimum wage to $8.50 an hour next year. In Alaska and South Dakota, minimum wage is now pegged to inflation, meaning that it will rise as the cost of living does.
Click to expand...
States Vote For Minimum Wage Hike, But Is It Enough? - Forbes
 
WallStreetVixen said:
'Who' specifically is not relevant. That is relevant is what exactly is occurring in the labour market. An economic climate needs to be created to mitigate market uncertainty so firms can create the jobs that matters the most to long-term economic growth, instead of taking less risk by creating jobs that are essentially a dime in a dozen.
Click to expand...
You are still stuck with NOT being able to say WHO should do WHAT specifically...all you have produced is pointless generalities.

If you can't name names and spell out what should be done, you really are not saying anything at all.
 
If you really want a nice Christmas, hope for positive construction growth this month (planning and permits). It breeds big time money into the economy. Good weather can help us out a lot this month.
 
Gimmesometruth said:
You are still stuck with NOT being able to say WHO should do WHAT specifically...all you have produced is pointless generalities.
Click to expand...

There is nothing general about it. However is in charge of getting the nation back on economic track is to blame for the lack of meaningful jobs in the economy. You can decipher that anyway you'd like: Ben Bernanke, John Boehner or Barack Obama. My guess is that you were most likely hoping that I mentioned Barack Obama, so you can go into your little tirades about how it isn't his fault at all. I'm pretty sure that is what you want.

If you can't name names and spell out what should be done, you really are not saying anything at all.
Click to expand...

Because it's not that simple, and anyone who attempts to make as such (similar to ignanmum minimum wage solution) really doesn't understand the gravity of the situation.
 
WallStreetVixen said:
There is nothing general about it. However is in charge of getting the nation back on economic track is to blame for the lack of meaningful jobs in the economy. You can decipher that anyway you'd like: Ben Bernanke, John Boehner or Barack Obama. My guess is that you were most likely hoping that I mentioned Barack Obama, so you can go into your little tirades about how it isn't his fault at all. I'm pretty sure that is what you want.



Because it's not that simple, and anyone who attempts to make as such (similar to ignanmum minimum wage solution) really doesn't understand the gravity of the situation.
Click to expand...
Got it, you cannot describe in any way what the problem is, the solution and who can carry it out.

You will stay away from expressing your views and simply snipe all others....a debaser.
 
WallStreetVixen said:
There isn't much of a demand problem in the economy. I've covered this dozens of times.



How does creating more lower wage jobs boost demand, not that demand is a problem anyway.
Click to expand...

I said we should raise the minimum wage not create more low wage jobs.
It's funny how you don't see a correlation between wages and consumer demand. You complain of low wage jobs but can't see how that effects spending. Corporation hire because they are selling more and need more help. Raising minimum wage will put more money in circulation and increase sales and hiring. It will also put upward pressure on all wages.
 
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iguanaman said:
The only "market uncertainty" that is relevant is DEMAND. With wage growth so low there is little hope that demand will pick up. I think it is time for a Federal minimum wage hike and so do voters.

States Vote For Minimum Wage Hike, But Is It Enough? - Forbes
Click to expand...

When the government stops creating so much uncertainty in the private sector, demand will start to improve. As long as the government suppresses job growth, especially in the energy industry, the economy will remain sluggish.

Importing millions of un-educated, un-skilled and un-employed workers is only going to amplify the problem; probably driving wages downward.
 
Gimmesometruth said:
Got it, you cannot describe in any way what the problem is, the solution and who can carry it out.

You will stay away from expressing your views and simply snipe all others....a debaser.
Click to expand...

I already explained what the problem is: quantity over quality.

There are tons of fundamental problems with the labour market. The solution varies, however, I don't think I decided to participate in this discussion to be a problem solver.
 
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