Surprise! More Great Jobs News in October! (Just before the Election)

http://www.bls.gov/news.release/empsit.nr0.htm

Although all the “experts” maintain that it’s impossible for the federal government to manipulate the monthly employment report figures, you can’t help but wonder.  At a time when all other economic data shows a stalled or barely-growing  economy, we suddenly get two months of rosy employment reports.  Last month it was the household survey that claimed that the employment level grew by 873,000 jobs, cutting the unemployment rate a whopping 0.3% in one month to exactly 0.1% better than when President Obama took office.  This month, it’s the establishment survey’s turn, claiming that payrolls grew by 171,000, far exceeding expectations of about 125,000.  And, once again, the household survey added another 410,000 jobs.  But, probably fearing that people would begin to take seriously those who claim that the figures are massaged, the household survey also claimed that 578,000 people re-entered the work force, resulting in a small rise of 0.1% in unemployment, raising that figure to 7.9% – exactly where it stood when the president took office. 

To top it all off, per capita employment rose to the highest level since the recovery from the “Great Recession” began in 2010.

Come on, you have to admit that all of this seems just a little fishy.  Casting more suspicion on the data is the fact that the average workweek shrank by 0.1 hours and average hourly earnings fell by one cent.  Those aren’t things that happen in periods of robust job growth.

Nevertheless, here are the charts of the data:  Unemployment Chart     Per Capita Employment     Labor Force & Employment Level     Unemployed Americans

* * * * *

The breakdown of the new jobs, according to the establishment survey is as follows:

  • Professional & business services:  + 51,000
  • Retail trade:  + 36,000
  • Health care:  + 31,000
  • Leisure & hospitality:  + 28,000
  • Construction:  + 17,000
  • Manufacturing:  unchanged
  • Wholesale trade:  unchanged
  • Transportation & warehousing:  unchanged
  • Information:  unchanged
  • Financial activities:  unchanged
  • Government:  unchanged
  • Mining:  – 9,000

The growth in construction jobs is the first in a very long time.  The report also points out that manufacturing jobs have been flat since April.  The report also notes that job growth in August and September was revised upward significantly, by a total of 84,000 jobs. 

 

 

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: