Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Payrolls Expand by Estimate-Beating 204,000

The Department of Labor released its October employment situation report (link opens in PDF) today, and American jobs seem to have scraped through the government shutdown. After September saw 163,000 new jobs for non-farm payroll employment, October added a whopping 204,000, beating analyst estimates of just 120,000. 

While the unemployment rate edged back up to 7.3%, from 7.2% in September, the number of unemployed barely budged at 11.3 million. October's report did see a spike in temporary unemployment, however, with around 448,000 more folks reporting temporary layoffs. This includes furloughed government workers. About 800,000 government workers were furloughed for all or part of the shutdown, which lasted from Oct. 1 through Oct. 16, according to The Associated Press.

According to a special Labor Department release, "[T]here were no discernible impacts of the partial federal government shutdown on the estimates of employment, hours, and earnings."

Source: Labor Department. 

In the private sector, employment increased the most in leisure and hospitality (53,000), followed by retail trade (44,000) and professional technical services (21,000).

Despite furloughed workers retaining their employed status, overall federal government employment fell 12,000 for October. In the past year, Uncle Sam has cut 94,000 employees from its federal payroll.

In October, average hourly earnings for all employees on private nonfarm payrolls edged up $0.02 to $24.10. The average workweek for all employees on private nonfarm payrolls was unchanged in October at 34.4 hours. The manufacturing workweek was 40.9 hours, the same as in September, and factory overtime was unchanged at 3.4 hours.  

Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2719211, ~/Articles/ArticleHandler.aspx, 9/28/2016 1:41:29 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 4 hours ago Sponsored by:
DOW 18,228.30 133.47 0.74%
S&P 500 2,159.93 13.83 0.64%
NASD 5,305.71 48.22 0.92%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes