Entering text into the input field will update the search result below

October Jobs Report: Great Utilization, Decent Growth, Poor Wages

Hale Stewart profile picture
Hale Stewart

By New Deal Democrat


  • +261,000 jobs added.

  • U3 unemployment rate down -0.1% from 4.2% to 4.1%.

  • U6 underemployment rate down -0.3 from 8.2% to7.9%.

Here are the headlines on wages and the chronic heightened underemployment:

Wages and participation rates

  • Not in Labor Force, but Want a Job Now: down -443,000 from 5.628 million to 5.135 million.

  • Part time for economic reasons: down -369,000 from 5.122 million to 4.753 million.

  • Employment/population ratio ages 25-54: down -0.1% from 78.9% to 78.8%.

  • Average Weekly Earnings for Production and Nonsupervisory Personnel: down -$.0.1 from $22.23 to $22.22, up +2.4% YoY. (Note: you may be reading different information about wages elsewhere. They are citing average wages for all private workers. I use wages for nonsupervisory personnel, to come closer to the situation for ordinary workers.)

Holding Trump accountable on manufacturing and mining jobs

Trump specifically campaigned on bringing back manufacturing and mining jobs. Is he keeping this promise?

  • Manufacturing jobs rose by +24,000 for an average of +14,000 a month vs. the last seven years of Obama's presidency in which an average of 10,300 manufacturing jobs were added each month.

  • Coal mining jobs were unchanged for an average of +250 a month vs. the last seven years of Obama's presidency in which an average of -300 jobs were lost each month

August was revised upward by +39,000. September was also revised upward by +51,000, for a net change of +90,000.

The more leading numbers in the report tell us about where the economy is likely to be a few months from now. These were mainly positive.

  • The average manufacturing workweek rose +0.2 hours from 40.8 hours to 41.0. This is one of the 10 components of the LEI.

  • Construction jobs increased by +11,000. YoY construction jobs are up +187,000.

This article was written by

Hale Stewart profile picture
Hale Stewart spent 5 years as a bond broker in the late 1990s before returning to law school in the early 2000s. He is currently a tax lawyer in Houston, Texas. He has an LLM in domestic and international taxation (MagnaCumLaude). He is the author of the book The Lifetime Income Security Solution. Follow me on Twitter at @originalbonddadYou can read his legal analysis on his law office's blog.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.