by Calculated Risk on 11/01/2024 08:30:00 AM

From the BLS: Employment Situation

Total nonfarm payroll employment was essentially unchanged in October (+12,000), and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care and government. Temporary help services lost jobs. Employment declined in manufacturing due to strike activity.
...
The change in total nonfarm payroll employment for August was revised down by 81,000, from +159,000 to +78,000, and the change for September was revised down by 31,000, from +254,000 to +223,000. With these revisions, employment in August and September combined is 112,000 lower than previously reported.
emphasis added

Click on graph for larger image.

The first graph shows the jobs added per month since January 2021.

Total payrolls increased by 12 thousand in October.  Private payrolls decreased by 28 thousand, and public payrolls increased 40 thousand.

Payrolls for August and September were revised down 112 thousand, combined.

The second graph shows the year-over-year change in total non-farm employment since 1968.

In October, the year-over-year change was 2.17 million jobs.  Employment was up solidly year-over-year (Although the annual benchmark revision will lower the year-over-year change).

The third graph shows the employment population ratio and the participation rate.

The Labor Force Participation Rate decreased to 62.6% in October, from 62.7% in September. This is the percentage of the working age population in the labor force.

The Employment-Population ratio decreased to 60.0% from 60.2% in September (blue line).

I'll post the 25 to 54 age group employment-population ratio graph later.

The fourth graph shows the unemployment rate.

The unemployment rate was unchanged at 4.1% in October from 4.1% in September.

This was below consensus expectations, and August and September payrolls were revised down by 112,000 combined.  

This report was impacted by strikes and hurricanes.

I'll have more later ...