The monthly data is in (all to be revised in the future) and drum roll ...
- +80,000 on the job front (a slight miss versus expectations)
- However, the unemployment rate fell from 9.1% to 9.0% (one assumes the labor force again contracted which is not the reason you want the unemployment rate to fall)
- Private sector: +102,000
- Revisions: +102,000 added back to the previous two months
Some underlying stats:
- Hourly wages: +0.2%
- Average work week unchanged at 34.3
- U-6 (broader unemployment including those who wish to work full time but work part time): 16.2%, down from 16.5%
- Labor force participation rate remained flat at a very low 64.2%
There is some crowing about a drop off in long term unemployed - one wonders if those "99ers" found jobs or simply disappeared from the workforce. Remember in America once you are not actively looking for work, you no longer count in the labor force.
- In October, the number of long-term unemployed (those jobless for 27 weeks and over) declined by 366,000 to 5.9 million, or 42.4% of total unemployment.
Data is consistent with much of what we are seeing elsewhere - a "meh" economy that is churning along slowly but not enough to make a dent to unemployment or make those who feel like we are in a recession change their mind.
The market rallied from down about 0.4% to positive 0.2% on the news. BLS report here.