U.S. Economy Grew by 161,000 Jobs in October; Unemployment Rate Falls to 4.9%

New York Times ^ | November 4, 2016 | Patricia Cohen

[John W]

The government, delivering the last major snapshot of the economy before Election Day, reported on Friday that employers added 161,000 workers in October, a performance that suggests a healthy outlook for the months ahead.

The official unemployment rate dropped to 4.9 percent.

Average hourly earnings rose 2.8 percent year over year, a strong showing.

For the presidential campaign, the latest employment report serves as a Rorschach test allowing each side to offer its own distinctive narrative of the economy’s performance and prospects.

“Both sides will be able to take something in that report, to assess blame or take credit for,” Vincent Reinhart, chief economist at Standish Mellon, said before its release.

[JBW1949]

Yep...The U6 unemployment rate is at 10%....

[N. Theknow]

NYT headline the day after Trump wins: Number of Homeless Nationwide QUADRUPLES!!!

[New Jersey Realist]

Drudge reporting right not that 49,609,000 not in the labor force.

[New Jersey Realist]

Mistake: 94,600,000

[fwdude]

It’s Fun-with-Number Friday, again.

[fwdude]

If Trump wins, expect MAJOR revisionism from the Slimes recasting the economy as a disaster.

[FiscalSanity]

The post-election revised numbers should be interesting.

[fwdude]

A LOT of Peggy Josephs on that graph.

[Right Brother]

The change in sunny sky economic reporting after Trump becomes President will also be interesting.

[Bogey78O]

Sure it did.

And I bet the tens of millions that are on food stamps versus last time we were at this rate are a total fiction.

[stocksthatgoup]

While studying employment, another important figure to determine is the labor force participation rate. Here, we compare the size of the labor force with the number of people that could potentially be a part of the labor force.
It is important to note that we do not include people under the age of 16 in this figure. In addition, students, retirees, the disabled, homemakers, and the voluntarily idle are not counted in the labor force. The labor force as the percentage of the total population over the minimum working age is called labor force participation rate.

[Paul R.]

Yup.

Would love to see Trump latch onto that 161,000 jobs number, note that the Times thinks it is good news, and then point out that it is a pathetic number.

[rey]

If you accept the government figures that there are approximately 150 million jobs in the US, an increase of 161,000 in a percentage increase of .001 and would have no impact on the unemployment rate.

.001 raise on an income of $50k a year would be a $50 raise. A .001 increase in sale on a yearly sales of a million dollars is only $1000.

NYT ran a piece yesterday that the homeless rate in NYC is higher than during the depression, yet all is well?

It is like reading the old Soviet newspapers.

[george76]

According to the October jobs report, the labor force participation rate ticked back down slightly to 62.8%, just below the 62.9% rate in September.

http://finance.yahoo.com/news/labor-force-participation-ticks-down-123818162.html

[Deo volente]

the expectation was 175k and it comes in 13k under....so NYT says that suggests a ‘healthy outlook”

In other good news, the chocolate ration has been increased from 30 to 25 grams a week.

[IllumiNaughtyByNature]

Does anyone remember the quote by Nancy Pelosi, during the bush admin that any number of jobs under 500K was not good? i have spent time trying to find that and have had no luck. Would be awesome to revive it.

[elpadre]

and how many are unemployed and not included in the 4.9%???

FYI - It once was a rule of thumb that 5% unemployment equaled full employment as there will always be 5% unwilling or unable to wok.

[wastedyears]

And chocolate rations are going up 2 grams next month.