U.S. employers added 165,000 jobs in October, well above the increase forecast in a Reuters poll, while revisions lifted earlier payroll totals and unemployment edged down to 4.1%.
The Bureau of Labor Statistics (BLS) released the October Employment Situation report at 8:30 a.m. ET Friday, Nov. 6. Payroll employment comes from an employer survey; the BLS uses a separate household survey for unemployment and labor force participation. The report adds detail to EconoTimes’ earlier coverage of the payroll and unemployment figures.
Reuters reported that economists in its poll had expected a 65,000 increase, less than half the October gain. October’s increase also exceeded the average monthly payroll rise of 48,000 over the preceding 12 months.
The BLS revised September’s job gain to 60,000 from 29,000 and August’s to 186,000 from 133,000. The changes added 84,000 jobs to the combined total for those two months. The agency attributed the revisions to later reports from businesses and government entities, as well as updated seasonal adjustments.
Professional and business services added 70,000 jobs, the largest sector increase. Health care gained 42,000, transportation and warehousing rose by 25,000, and manufacturing added 19,000. Employment changed little in construction, retail trade and government, the BLS said.
Household survey results put unemployment at 4.1%, down from 4.2% in September. Labor force participation rose to 61.9% from 61.8%.
Average hourly pay for private nonfarm workers reached $38 in October, up 14 cents, or 0.4%, from September. Pay was 3.1% higher than a year earlier. Reuters also reported that the dollar index rose 0.63% to 102.12 after the release; EconoTimes covered the dollar’s rise after payrolls separately.
The BLS scheduled its November Employment Situation report for Dec. 4 at 8:30 a.m. ET.
