Keeping you up to date on the latest data releases.
In October, nonfarm payrolls increased by 204,000 and the unemployment rate ticked up to 7.3 percent. The rise in the household unemployment rate was largely due to a surge those temporarily laid off due to the partial government shutdown. However, federal employees on furlough during the partial government shutdown were still considered employed in the payroll survey. The civilian labor force fell 0.4 percent to 62.8 percent, the lowest level in over three decades (since March of 1978). Meanwhile, the employment-to-population ratio slipped 0.3 percent to 58.3 percent, the lowest level since August 2011.
On the establishment side of the report, upward revisions to the estimates for both August and September combine for an employment gain of 60,000 payrolls more than previously reported. Over the past 12 months, payroll employment gains have averaged 190,000 per month and 202,000 per month over the past three months. The strongest gains to employment were in leisure and hospitality, up 53,000, as well as retail trade and professional and business services, both up about 44,000. The largest declines came from government, down 8,000, and wholesale trade, down 5,400. There were no discernible impacts of the partial government shutdown on the estimates of hours and earnings, which were little changed for the month.