Total nonfarm payroll employment increased by 171,000 in October, and the unemployment rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and business services, health care, and retail trade.
The change in total nonfarm payroll employment for August was revised from +142,000 to +192,000, and the change for September was revised from +114,000 to +148,000.
Adding the revisions for August and September plus the 171,000 jobs created in October, that's 255,000 new jobs. Also good news: the labor force participation rate is up to 63.8%, with 578,000 more people in the labor force. Clearly, the economic recovery is continuing, in spite of relentless Republican efforts to derail it. Let's keep it going for 4 more years under President Obama's leadership!
P.S. Michael Tackett of Bloomberg News tweets, "Jobless rate ticks up bc 580K people joined the labor force... 410K of them found jobs." Also, economist Justin Wolfers tweets, "The employment-to-populate ratio is up a staggering 0.5 percentage points since August. Unemployment is falling for the right reasons." Brad DeLong writes, "Adding in 171K of September-October employment growth to 84K of upward revisions, we know think that the U.S. economy in October had 255K more jobs on a seasonally-adjusted bases than we yesterday that it had employed in September. That is a noticeably stronger economy, and that is very nice to see. The "2" in the hundred-thousands place makes me very happy..."
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