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Fri Nov 1, 2019, 07:33 AM

U.S. economy added 128,000 jobs in October as GM strike displaced workers; jobless rate ticks up

Source: Washington Post

The United States added 128,000 jobs in October as the jobless rate ticked up to 3.6 percent, a performance that outperformed analyst forecasts during a month in which one of the largest private employer strikes in recent years weighed on the economy.

The number was below recent averages. The General Motors strike, in which 46,000 workers shut down production for six weeks at the automaker, caused layoffs from Canada to Mexico in related industries. Unemployment claims in states like Michigan surged after the strike, as suppliers laid off workers as business slowed down.

The Bureau of Labor Statistics, which released the report, noted that the General Motors strike dragged down employment in auto and parts manufacturing. The number of employed workers in those two categories declined by 42,000. Federal employment decreased by about 17,000, as temporary workers engaged in the 2020 Census completed their work.

“While investors will hang an asterisk on the October report, it will become clear if the recent downward trend in hiring remains in place once the effect of the GM strike is factored out of the jobs report,” Joseph Brusuelas, the chief economist at RSM, said in a statement. “It is important to note that overall hiring conditions remain relatively solid as the pace of overall hiring slows."

Read more: https://www.washingtonpost.com/news/business/wp/2019/11/01/u-s-economy-added-128000-jobs-in-october-as-gm-strike-displaced-workers-jobless-rate-ticks-up-to-3-6-percent/



Full headline: U.S. economy added 128,000 jobs in October as GM strike displaced workers; jobless rate ticks up to 3.6 percent

Our resident DU economy watchers should be along shortly with the breakdown!

Original article -

By Washington Post Staff
November 1, 2019 at 8:32 a.m. EDT

Lawmakers and business leaders are watching the job market closely to see whether the economy can remain robust. The new Labor Department data is likely to play a role in framing the economic policy platforms of the White House and Democrats heading into the 2020 election.

This is a developing story. It will be updated.


Tweet from BLS -



TEXT

BLS-Labor Statistics
‏Verified account @BLS_gov

Payroll employment rises by 128,000 in October; unemployment rate changes little at 3.6% https://go.usa.gov/vrK #JobsReport #BLSdata
8:30 AM - 1 Nov 2019

13 replies, 1683 views

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Reply U.S. economy added 128,000 jobs in October as GM strike displaced workers; jobless rate ticks up (Original post)
BumRushDaShow Nov 2019 OP
progree Nov 2019 #1
maddogesq Nov 2019 #2
progree Nov 2019 #3
maddogesq Nov 2019 #8
progree Nov 2019 #13
Name removed Nov 2019 #4
mahatmakanejeeves Nov 2019 #5
BumRushDaShow Nov 2019 #7
Yavin4 Nov 2019 #6
mahatmakanejeeves Nov 2019 #9
BumRushDaShow Nov 2019 #10
mahatmakanejeeves Nov 2019 #11
BumRushDaShow Nov 2019 #12

Response to BumRushDaShow (Original post)

Fri Nov 1, 2019, 08:08 AM

1. August and September were revised up by a combined 95,000

https://www.bls.gov/news.release/empsit.nr0.htm
The change in total nonfarm payroll employment for August was revised up by 51,000 from +168,000 to +219,000, and the change for September was revised up by 44,000 from +136,000 to +180,000. With these revisions, employment gains in August and September combined were 95,000 more than previously reported.

... Job growth has averaged 167,000 per month thus far in 2019, compared with an average monthly gain of 223,000 in 2018

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Response to progree (Reply #1)

Fri Nov 1, 2019, 08:17 AM

2. 538 has a very instructive piece on how to analyze.

what I found interesring was how often previous months were revised down.

https://projects.fivethirtyeight.com/jobs-report-growth-unemployment/

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Response to maddogesq (Reply #2)

Fri Nov 1, 2019, 08:27 AM

3. Thanks! It's a good read nt

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Response to progree (Reply #3)

Fri Nov 1, 2019, 11:03 AM

8. Your welcome. Also, look at where most of the jobs came from.

Now don’t get me wrong: I like leasure and hospitality, especially when I am the recipient.😎

That said, a lot of these jobs don’t pay as well as machine or CAD folks... you get my drift.

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Response to maddogesq (Reply #8)

Fri Nov 1, 2019, 12:55 PM

13. It varies from month to month. I mostly look at inflation-adjusted earnings

of production and non-supervisory workers, which is about 80% of the workforce, and because it comes out monthly with the jobs report.

# Inflation-adjusted weekly earnings (1982-84 dollars)
  http://data.bls.gov/timeseries/CES0500000031

The latest of the above is September because that's the latest CPI which is used to do the inflation-adjusting
but anyway the weekly is up 1.6% for the 12 months through September and 2.6% for the 24 months thru September. These are increases after adjusting for inflation.

# Inflation-adjusted hourly earnings (1982-84 dollars)
  http://data.bls.gov/timeseries/CES0500000008

Here is the nominal, i.e. not-inflation-adjusted version of the above:

# Weekly: http://data.bls.gov/timeseries/CES0500000030
  October: +0.169% (that's 2.04% annualized)
  Past 12 months through October: +3.2%. Past 24 months through October: +6.5%.

# Hourly: http://data.bls.gov/timeseries/CES0500000008

I have several other measures of income at http://www.democraticunderground.com/111622439#post9

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Response to BumRushDaShow (Original post)


Response to BumRushDaShow (Original post)

Fri Nov 1, 2019, 10:37 AM

5. Fake news! It's really up 303,000.

Wow, a blowout JOBS number just out, adjusted for revisions and the General Motors strike, 303,000. This is far greater than expectations. USA ROCKS!


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Response to mahatmakanejeeves (Reply #5)

Fri Nov 1, 2019, 10:59 AM

7. LOL and good morning (just barely)

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Response to BumRushDaShow (Original post)

Fri Nov 1, 2019, 10:58 AM

6. Jobs are becoming meaningless given the state of wages

The federal minimum wage is still $7.25, and even higher min. wages at $15 in some states is not nearly enough to protect yourself financially.

So what good is a job when it cannot do anything for you?

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Response to BumRushDaShow (Original post)

Fri Nov 1, 2019, 11:23 AM

9. White House invents a new statistic: "employment optimism"

ECONOMY & JOBS

Historic U.S. Job Market Continues as African-American Unemployment Rate Hits New Low
November 1, 2019 4 minute read

Council of Economic Advisers

Today, the Bureau of Labor Statistics (BLS) released its monthly Employment Situation Report, which shows continued employment growth and a low unemployment rate in October. Job gains at this point in the business cycle are particularly noteworthy considering that the United States is in the midst of the longest economic expansion in its history.

{snip}

Evidence of a robust job market is also supported by private sector surveys. The Conference Board measures employment optimism as the share of respondents claiming that jobs are plentiful minus those who think they are tough to obtain. Using this measure, employment optimism for October (35.1 percent) was much higher than it was in November 2016 (6.6 percent).



With consistent job gains this far into the longest economic recovery in U.S. history, the October employment data make it clear that the American labor market remains strong. States across the country continue setting record-low unemployment rates, showing how Federal policies that support economic growth benefit local communities. American workers see these benefits as today’s labor market offers them opportunities to negotiate raises and advance their careers.

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Response to mahatmakanejeeves (Reply #9)

Fri Nov 1, 2019, 11:58 AM

10. ....



That's some spin that the Tasmanian Devil would be proud of!

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Response to BumRushDaShow (Reply #10)

Fri Nov 1, 2019, 12:22 PM

11. Double sooper seekrit snap of CEA computer compiling this statistic:

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Response to mahatmakanejeeves (Reply #11)

Fri Nov 1, 2019, 12:35 PM

12. And Alfred knows how to buid the best!!

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