Skip to comments.October jobs report: Economy added 638,000 jobs as unemployment rate fell to 6.9%; Will this trend be sustained under current conditions?
Posted on 11/06/2020 7:09:14 AM PST by SeekAndFind
U.S. employers brought back more jobs than expected in October and the unemployment rate improved by a greater than anticipated margin. Still, improvements in both metrics have decelerated considerably from earlier this year during the initial stages of recovery during the pandemic period.
The Department of Labor released its monthly non-farm payrolls report Friday at 8:30 a.m. ET. Here were the main results from the report, compared to consensus estimates compiled by Bloomberg:
Non-farm payrolls: +638,000 vs. +580,000 expected and a revised +672,000 in September
Unemployment rate: 6.9% vs. 7.6% expected and 7.9% in September
Average hourly earnings, month-over-month: 0.1% vs. 0.2% expected and 0.1% in September
Average hourly earnings, year-over-year: 4.5% vs. 4.5% expected and a revised 4.6% in September
Fridays jobs report also saw revisions to the last couple months worth of payrolls. August employment was upwardly revised to see a gain of 4,000 jobs to 1.493 million, and the change for September was revised up by 11,000 to 672,000.
U.S. stock futures, which had been trading sharply lower earlier during the pre-market session, cut some of their declines after the release of the better-than-expected jobs report.
Leisure and hospitality industries contributed a significant portion of jobs to Octobers overall rise in payrolls, as the areas hardest hit earlier on during the pandemic continued to recover. Employment in these industries rose by 271,000, though this sum was a step down from the 406,000 jobs added back in September. Elsewhere within the service sector, professional and business services jobs rose by 208,000, increasing significantly from the 122,000 brought on during the previous month.
(Excerpt) Read more at finance.yahoo.com ...
Utilities industries were the only area in the private sector to see net job losses during October. Government employment, however, slid by 268,000, with 147,000 of these due to losses from temporary 2020 Census workers.
Look, Yahoo reporting good job news. lol
This wouldve been handy information a couple weeks ago.
Ha! Let’s see, a raise in taxes, a raise in the corporate tax rate, and loads of nonsensical regulations.
You do the math, don’t use common core.
These kinds of reports will soon be winding down if the Trump fraud challenge is not successful. Can you imagine what President Harris will do to the economy? I can.
No, it wont. It will be reversed under a Biden maladministration.
Too bad that we who voted for Trump will be getting it good and hard right along with morons who voted for him.
RE: Ha! Lets see, a raise in taxes, a raise in the corporate tax rate, and loads of nonsensical regulations.
Plus a plan to slowly ban fracking. Let’s see what that does to energy prices.
I wouldn’t own oil companies like Exxon anytime soon.
These kinds of reports will soon be winding down if the Trump fraud challenge is not successful.
I seriously doubt that it will be. We are a thoroughly corrupt kleptocracy now. The USA that we once loved and knew is fading away, although its founding concepts are still alive in our hearts and will never die.
I wouldnt own oil companies like Exxon anytime soon.
I get what you’re saying but oil has a long history of wild fluctuations. All the peace that Trump brought to us will be gone and we’ll be right back to fighting endless wars all over the globe, which often contributes to rising oil prices.
Oil is still a vital commodity nothwithstanding all the talk to the contrary. Its not a good investment for people with low risk tolerance for sure, but I wouldn’t assume that it will never come back in favor at some point.
The world is volatile place — and about to get even more so. Many flash points that were controlled by Trump will suddenly re-emerge. We’re in for a wild ride which can be a plus for oil.
“Many flash points that were controlled by Trump will suddenly re-emerge”
Yep and when they re-emerge, they and the media, will blame it on the Trump Years.
“....although its founding concepts are still alive in our hearts and will never die.”
Oh, it will. The left has been programming the future with our kids for many years and it is just now getting to the point where the lack of honesty and integrity is not expected, it is the practice.
The new breed, as I call them, will blindly vote lib and this is going to continue for many years. I tuned into Fox last night to see if anything had changed and accidentally got Hannity as he was displaying the “recognized” efforts of the cheating being done. It was so obvious and blatant it was almost comical except what it’s going to cause. And no one cares except Trump as he is the only one saying anything about it. And as long as the GOP buries their heads in dark places, it will not be stopped and will continue for a few generations because the new breed has been taught to accept what they get. And to support it.
The hearts that contain our founding concepts will stop beating at some point and die. And the new breed will be there with their ineptness to recognize they are getting bent and will do nothing about it.
Nikita Khrushchev was right when he said:
“We will take America without firing a shot ... we will bury you! We do not have to invade the United States, we will destroy you from within.”
It may have taken 50 years to do it, but he was right.
You are absolutely correct. Everything from here on out will be his fault. A replay of Obama always blaming Bush.
Thanks for the thoughtful comments.
It will be interesting to see a country swing from a capitalist success to a socialist/communist nightmare overnight. Some serious economic disruption heading our way.
People in this country (or what’s left of it) are going to learn a hard lesson.
“....going to learn a hard lesson.”
Thank you. Not sure they can. Just the existence of a celebration of mediocrity of this obvious an overage is, I feel, a small display of the failures in store for us. And until it ruins enough lives and people have to watch that type of destruction involving personal loss, like a close family member dying from an illness that Obamacare won’t treat claiming end of life needs for the whole, or losing their homes and being put out on the street and not taken care of by Uncle Sugar, or just flat going hungry, they will sit in bliss like a small animal in the headlights and have their existence taken away from them. And while they are being totally destroyed, they won’t understand the pain.
I’ve watched this transition since the 60’s. I’m an old man now, both in age and mileage, and I and my wife are set for life with plans we executed 50 years ago. After that, the kids’ decisions are theirs and I can’t help them. And they will have to set the rules for themselves. I wish them well.
Will this trend be sustained...?
Two words: No longer
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