Employment Situation Report for October 2022

Employment Situation Report for October 2022 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Actual: +261,000

Previous Month (Revised): 315,000
One Year Previous: 677,000

U-3 Unemployment Rate (Headline)
Actual: 3.7%
Previous Month: 3.5%
12 Months Previous: 4.6%

U-6 Unemployment Rate*
Actual: 6.8%
Previous Month: 6.7%
12 Months Previous: 8.2%

Average Hourly Earnings (month-to-month change)
Predicted: +0.3%
Actual: +0.37% (+$0.12)

Average Hourly Earnings (year-on-year change)
Predicted: +3.5%
Actual: +4.73% (+$1.47)

Average Weekly Earnings (month-to-month change)
Actual: +0.37% (+$4.14)

Average Weekly Earnings (year-on-year change)
Actual: +3.82% (+$41.38)

Civilian Labor Force Participation Rate: 62.2%
Previous Month: 62.3%
12 Months Previous: 61.7%

Average Workweek
Predicted: 34.5 hours
Actual: 34.5 hours

Economist, academics, central bankers and investors pay very close attention to the monthly Employment Situation report as it offers penetrating insight as to the current and near-future state of the overall U.S. economy. If a) Americans are earning more money and b) the economy is creating new jobs, this typically translates to more money being pumped into the economy (and vice versa.)

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

===================

 

CHART: U-3 Unemployment Rate
October 2022 Update

   ===================

 * =  The U-6 Unemployment Rate is defined as:

"Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force."

===================

• Click here to view the full Department of Labor report.

=================== 

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Employment Situation Report for September 2022

The Employment Situation Report for September 2022 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Actual: +263,000

Previous Month (Revised): 315,000
One Year Previous: 424,000

U-3 Unemployment Rate (Headline)
Actual: 3.5%
Previous Month: 3.7%
12 Months Previous: 4.7%

U-6 Unemployment Rate*
Actual: 6.7%
Previous Month: 7.0%
12 Months Previous: 8.5%

Average Hourly Earnings (month-to-month change)
Predicted: +0.3%
Actual: +0.31% (+$0.10)

Average Hourly Earnings (year-on-year change)
Predicted: +3.5%
Actual: +4.98% (+$1.54)

Average Weekly Earnings (month-to-month change)
Actual: +0.31% (+$3.45)

Average Weekly Earnings (year-on-year change)
Actual: +4.075% (+$43.85)

Civilian Labor Force Participation Rate: 62.3%
Previous Month: 62.4%
12 Months Previous: 61.7%

Average Workweek
Predicted: 34.5 hours
Actual: 34.5 hours

Economist, academics, central bankers and investors pay very close attention to the monthly Employment Situation report as it offers penetrating insight as to the current and near-future state of the overall U.S. economy. If a) Americans are earning more money and b) the economy is creating new jobs, this typically translates to more money being pumped into the economy (and vice versa.)

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

===================

 

CHART: Nonfarm Payroll Employment
September 2022 Update

   ===================

 * =  The U-6 Unemployment Rate is defined as:

"Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force."

===================

• Click here to view the full Department of Labor report.

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Employment Situation Report for May 2022

The Employment Situation Report for May 2022 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Actual: +390,000

Previous Month (Revised): 436,000
One Year Previous: 447,000

U-3 Unemployment Rate (Headline)
Actual: 3.6%
Previous Month: 3.6%
12 Months Previous: 5.8%

U-6 Unemployment Rate*
Actual: 7.1%
Previous Month: 7.0%
12 Months Previous: 10.1%

Average Hourly Earnings (month-to-month change)
Predicted: +0.3%
Actual: +0.314% (+$0.10)

Average Hourly Earnings (year-on-year change)
Predicted: +3.5%
Actual: +5.237% (+$1.59)

Average Weekly Earnings (month-to-month change)
Actual: +0.314% (+$3.46)

Average Weekly Earnings (year-on-year change)
Actual: +4.333% (+$45.91)

Civilian Labor Force Participation Rate: 62.3%
Previous Month: 62.2%
12 Months Previous: 61.6%

Average Workweek
Predicted: 34.6 hours
Actual: 34.6 hours

Economist, academics, central bankers and investors pay very close attention to the monthly Employment Situation report as it offers penetrating insight as to the current and near-future state of the overall U.S. economy. If a) Americans are earning more money and b) the economy is creating new jobs, this typically translates to more money being pumped into the economy (and vice versa.)

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

===================

From Today's Report:

"...In May, 7.4 percent of employed persons teleworked because of the  coronavirus pandemic, down from 7.7 percent in the prior month. These data refer to employed persons who teleworked or worked at home for pay at some point in the 4 weeks preceding the survey specifically because of the pandemic.

In May, 1.8 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic -- that is, they did not work at all or worked fewer hours at some point in the 4 weeks preceding the survey due to the pandemic. This measure is little changed from the previous month. Among those who reported in May that they were unable to work because of pandemic-related closures or lost business, 19.9 percent received at least some pay from their employer for the hours not worked, also little different from the prior month.

Among those not in the labor force in May, 455,000 persons were prevented from looking for work due to the pandemic, down from 586,000 in the prior month..."

===================

 

CHART: Nonfarm Payroll Employment
May 2022 Update

===================

 

CHART: U-3 (Headline) Unemployment Rate
May 2022 Update

 

   ===================

 * =  The U-6 Unemployment Rate is defined as:

"Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force."

===================

• Click here to view the full Department of Labor report.

===================

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Productivity and Labor Costs Report for Q1 2022 (Revised)

The Labor Department's Bureau of Labor Statistics (BLS) this morning released its quarterly report on Productivity and Unit Labor Costs for the first quarter of 2022 (revised):

Nonfarm Productivity
Predicted: -7.5%
Actual: -7.3%

• Change from A Year Ago: -0.6%

=============

Unit Labor Costs
Predicted: +10.0%
Actual: +12.6%

• Change from A Year Ago: +8.2%

=============

The yellow-highlighted percentages represent the quarter-to-quarter change in non-farm productivity and unit labor costs for the United States.


For non-farm productivity, a positive number represents an improvement in the efficiency of producing domestic goods and services in the U.S., and therefore can signify a favorable inflationary outlook, and vice versa.

The Unit Labor Costs report measures the costs related to producing each unit of output. A positive number can be a harbinger of rising inflation, and vice versa.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.


===================

 

From Today's Report

 

"...Nonfarm business sector labor productivity decreased 7.3% in the first quarter of 2022, the U.S. Bureau of Labor Statistics reported today, as output decreased 2.3 percent and hours worked increased 5.4%. This is the largest decline in quarterly productivity since the third quarter of 1947, when the measure decreased 11.7%. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the same quarter a year ago, nonfarm business sector labor productivity decreased 0.6%, reflecting a 4.2-percent increase in output that was outpaced by a 4.8% increase in hours worked. (See chart 1 and table A1.) This is the largest four-quarter decline since the fourth quarter of 1993, when the measure also declined 0.6%.

Unit labor costs in the nonfarm business sector increased 12.6% in the first quarter of 2022, reflecting a 4.4% increase in hourly compensation and a 7.3% decrease in productivity. Unit labor costs increased 8.2% over the last four quarters. (See chart 2 and tables A1 and 2.) This is the largest four-quarter increase in this measure since another 8.2% increase in the third quarter of 1982. BLS calculates unit labor costs as the ratio of hourly compensation to labor productivity. Increases in hourly compensation tend to increase unit labor costs and increases in productivity tend to reduce them..."

 ===================

 Click here to view the full Labor Department report (PDF.)

===================

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Employment Situation Report for April 2022

The Employment Situation Report for April 2022 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Actual: +428,000

Previous Month (Revised): 428,000
One Year Previous: 263,000

U-3 Unemployment Rate (Headline)
Actual: 3.6%
Previous Month: 3.6%
12 Months Previous: 6.0%

U-6 Unemployment Rate*
Actual: 7.0%
Previous Month: 6.9%
12 Months Previous: 10.3%

Average Hourly Earnings (month-to-month change)
Predicted: +0.5%
Actual: +0.315% (+$0.10)

Average Hourly Earnings (year-on-year change)
Predicted: +3.5%
Actual: +5.464% (+$1.65)

Average Weekly Earnings (month-to-month change)
Actual: +0.315% (+$3.46)

Average Weekly Earnings (year-on-year change)
Actual: +4.56% (+$48.03)

Civilian Labor Force Participation Rate: 62.2%
Previous Month: 62.4%
12 Months Previous: 61.7%

Average Workweek
Predicted: 34.7 hours
Actual: 34.6 hours

Economist, academics, central bankers and investors pay very close attention to the monthly Employment Situation report as it offers penetrating insight as to the current and near-future state of the overall U.S. economy. If a) Americans are earning more money and b) the economy is creating new jobs, this typically translates to more money being pumped into the economy (and vice versa.)

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

===================

From Today's Report:

"...In April, 7.7% of employed persons teleworked because of the coronavirus pandemic, down from 10% in the prior month. These data refer to employed persons who teleworked or worked at home for pay at some point in the 4 weeks preceding the survey specifically because of the pandemic.

In April, 1.7 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic -- that is, they did not work at all or worked fewer hours at some point in the 4 weeks preceding the survey due to the pandemic. This measure is down from 2.5 million in the previous month. Among those who reported in April that they were unable to work because of pandemic-related closures or lost business, 19% received at least some pay from their employer for the hours not worked, little different from the prior month.

Among those not in the labor force in April, 586,000 persons were prevented from looking for work due to the pandemic, down from 874,000 in the prior month. (To be counted as unemployed, by definition, individuals must be either actively looking for work or on temporary layoff.)

Total nonfarm payroll employment rose by 428,000 in April. Job gains were widespread, with the largest gains occurring in leisure and hospitality, in manufacturing, and in transportation and warehousing. However, nonfarm employment is down by 1.2 million, or 0.8%, from its pre-pandemic level in February 2020.

The change in total nonfarm payroll employment for February was revised down by 36,000, from +750,000 to +714,000, and the change for March was revised down by 3,000, from +431,000 to +428,000. With these revisions, employment in February and March combined is 39,000 lower than previously reported..."

===================

 

CHART: Nonfarm Payroll Employment
April 2022 Update

===================

 

 

CHART: U-3 (Headline) Unemployment Rate
April 2022 Update

 

   ===================

 * =  The U-6 Unemployment Rate is defined as:

"Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force."

===================

• Click here to view the full Department of Labor report.

===================

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Productivity and Labor Costs Report for Q1 2022 (Preliminary)

The Labor Department's Bureau of Labor Statistics (BLS) this morning released its quarterly report on Productivity and Unit Labor Costs for the first quarter of 2022 (preliminary):

Nonfarm Productivity
Predicted: -5.0%
Actual: -7.5%

• Change from A Year Ago: -0.6%

=============

Unit Labor Costs
Predicted: +10.0%
Actual: +11.6%

• Change from A Year Ago: +7.2%

=============

The yellow-highlighted percentages represent the quarter-to-quarter change in non-farm productivity and unit labor costs for the United States.


For non-farm productivity, a positive number represents an improvement in the efficiency of producing domestic goods and services in the U.S., and therefore can signify a favorable inflationary outlook, and vice versa.

The Unit Labor Costs report measures the costs related to producing each unit of output. A positive number can be a harbinger of rising inflation, and vice versa.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.


===================

 

 

CHART: Labor Productivity
Q1 2018 Through Q1 2022 (Preliminary)

===================

 

CHART: Unit Labor Costs
Q1 2018 Through Q1 2022 (Preliminary)

===================

 

From Today's Report

 

"...Nonfarm business sector labor productivity decreased 7.5% in the first quarter of 2022, the U.S. Bureau of Labor Statistics reported today, as output decreased 2.4% and hours worked increased 5.5%. This is the largest decline in quarterly productivity since the third quarter of 1947, when the measure decreased 11.7%. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the same quarter a year ago, nonfarm business sector labor productivity decreased 0.6%, reflecting a 4.2% increase in output that was outpaced by a 4.8% increase in hours worked. This is the largest four-quarter decline since the fourth quarter of 1993, when the measure also declined 0.6%.


Unit labor costs in the nonfarm business sector increased 11.6% in the first quarter of 2022, reflecting a 3.2% increase in hourly compensation and a 7.5% decrease in productivity. Unit labor costs increased 7.2% over the last four quarters. This is the largest four-quarter increase in this measure since an 8.2% increase in the third quarter of 1982..."

 ===================

 Click here to view the full Labor Department report (PDF.)

===================

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