US Adds 165,000 Jobs In October, Prior Gains Revised Up By 84,000
The BLS jobs report shows stronger October hiring and upward revisions, alongside a rise in workers unable to find enough hours.
US employers added 165,000 jobs in October, and hiring in the previous two months was stronger than first reported, according to the Bureau of Labor Statistics release on 6th November. The unemployment rate changed little at 4.1%.
October's gain was above the monthly average of 48,000 over the preceding year. Revisions also changed the picture going into the month: August's increase was raised from 133,000 to 186,000 and September's from 29,000 to 60,000. Together, those revisions added 84,000 jobs to the previously reported total.
The stronger payroll figures arrived after the Federal Reserve kept its policy rate range at 3.75% to 4% on 28th October. That decision split the committee 10 to two. Lisa Cook and Beth Hammack preferred a quarter percentage point increase, while the statement said further information would help determine policy as inflation remained elevated.
More Jobs, But Not Enough Hours For Some Workers
Professional and business services accounted for 70,000 additional jobs in October. Health care added 42,000, transportation and warehousing 25,000, and manufacturing 19,000. Employment changed little in several other large sectors, including retail, construction, financial activities and government.
Average hourly earnings for employees on private nonfarm payrolls rose 14 cents to $38.00, a monthly increase of 0.4%. Annual wage growth was 3.1%, while the average working week remained at 34.4 hours.
The separate household survey showed a less even improvement. Involuntary part-time employment increased by 339,000 to 4.8 million people. These workers wanted full-time jobs but faced reduced hours or could only find part-time positions. That increase points to a shortage of working hours that the unemployment rate alone does not capture.
About 7.1 million people were unemployed, and 2 million had been without work for at least 27 weeks. The unemployment rate has remained between 4.1% and 4.3% since March.
Inflation Remains The Other Part Of The Policy Picture
The latest consumer price release put September inflation at 3.7% over a year, up from 3.4% in August. Prices rose 0.6% during September, with gasoline accounting for more than half of the monthly increase. Bored Node's report on the separate personal consumption expenditures (PCE) inflation measure explains the price data released after the Fed's October decision.
The jobs release was one of the economic dates highlighted in Bored Node's November Bitcoin outlook. The next scheduled release of consumer prices covers October and is due on 10th November at 13:30 UTC. The Federal Reserve's next policy meeting is on 8th and 9th December.
