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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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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Employment Situation Report for March 2022

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

Nonfarm Payrolls (month-to-month change)
Actual: +431,000
Predicted: +400,000

Previous Month (Revised): 750,000
One Year Previous: 704,000

U-3 Unemployment Rate (Headline)
Actual: 3.6%
Previous Month: 3.8%
12 Months Previous: 6.0%

U-6 Unemployment Rate*
Actual: 6.9%
Previous Month: 7.2%
12 Months Previous: 10.7%

Average Hourly Earnings (month-to-month change)
Predicted: +0.5%
Actual: +0.411% (+$0.13)

Average Hourly Earnings (year-on-year change)
Predicted: +3.5%
Actual: +5.56% (+$1.67)

Average Weekly Earnings (month-to-month change)
Actual: +0.122% (+$1.34)

Average Weekly Earnings (year-on-year change)
Actual: +4.65% (+$48.77)

Civilian Labor Force Participation Rate: 62.4%
Previous Month: 62.3%
12 Months Previous: 61.5%

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 March, 10.0 percent of employed persons teleworked because of the coronavirus pandemic, down from 13.0 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 March, 2.5 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 4.2 million in the previous month. Among those who reported in March that they were unable to work because of pandemic-related closures or lost business, 15.4 percent received at least some pay from their employer for the hours not worked, down from 20.3 percent in February.

Among those not in the labor force in March, 874,000 persons were prevented from looking for work due to the pandemic, down from 1.2 million 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 431,000 in March, as job gains continued in leisure and hospitality, professional and business services, retail trade, and manufacturing. Overall, job growth averaged 562,000 per month in the first quarter of 2022, the same as the average monthly gain for 2021. However, employment is down by 1.6 million, or 1.0 percent, from its pre-pandemic level in February 2020.

The change in total nonfarm payroll employment for January was revised up by 23,000, from +481,000 to +504,000, and the change for February was revised up by 72,000, from +678,000 to +750,000. With these revisions, employment in January and February combined is 95,000 higher than previously reported..."

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

 

CHART: Nonfarm Payroll Employment
March 2022 Update

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

 

CHART: U-3 (Headline) Unemployment Rate
March 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 February 2022

The Employment Situation Report for February 2022 was rele
ased by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Actual: +678,000
Predicted: +400,000

Previous Month (Revised): 481,000
One Year Previous: 710,000

U-3 Unemployment Rate (Headline)
Actual: 3.8%
Previous Month: 4.0%
12 Months Previous: 6.2%

U-6 Unemployment Rate*
Actual: 7.2%
Previous Month: 7.1%
12 Months Previous: 11.1%

Average Hourly Earnings (month-to-month change)
Predicted: +0.5%
Actual: +0.032% (+$0.01)

Average Hourly Earnings (year-on-year change)
Predicted: +3.5%
Actual: +5.126% (+$1.54)

Average Weekly Earnings (month-to-month change)
Actual: +0.321% (+$3.51)

Average Weekly Earnings (year-on-year change)
Actual: +5.431% (+$56.45)

Civilian Labor Force Participation Rate: 62.3%
Previous Month: 62.2%
12 Months Previous: 61.5%

Average Workweek
Predicted: 34.7 hours
Actual: 34.7 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 February, 13.0 percent of employed persons teleworked because of the coronavirus pandemic, down from 15.4 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 February, 4.2 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 6.0 million in the previous month. Among those who reported in February that they were unable to work because of pandemic-related closures or lost business, 20.3 percent received at least some pay from their employer for the hours not worked, down from 23.7 percent in January.

Among those not in the labor force in February, 1.2 million persons were prevented from looking for work due to the pandemic, down from 1.8 million in the prior month. (To be counted as unemployed, by definition, individuals must be either actively looking for work or on temporary layoff.)

The change in total nonfarm payroll employment for December was revised up by 78,000, from +510,000 to +588,000, and the change for January was revised up by 14,000, from +467,000 to +481,000. With these revisions, employment in December and January combined is 92,000 higher than previously reported..."

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

 

 

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

 

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

 

 CHART: Nonfarm Payroll Employment
February 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.

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

>  SITEMAP  <

Employment Situation Report for January 2022

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

Nonfarm Payrolls (month-to-month change)
Actual: +467,000
Predicted: +200,000

Previous Month (Revised): 510,000
One Year Previous: 520,000

U-3 Unemployment Rate (Headline)
Actual: 4.0%
Previous Month: 3.9%
12 Months Previous: 6.4%

U-6 Unemployment Rate*
Actual: 7.1%
Previous Month: 7.3%
12 Months Previous: 11.1%

Average Hourly Earnings (month-to-month change)
Predicted: +0.5%
Actual: +0.732% (+$0.23)

Average Hourly Earnings (year-on-year change)
Predicted: +3.5%
Actual: +5.68% (+$1.70)

Average Weekly Earnings (month-to-month change)
Actual: +0.152% (+$1.66)

Average Weekly Earnings (year-on-year change)
Actual: +4.171% (+$43.69)

Civilian Labor Force Participation Rate: 62.2%
Previous Month: 61.9%
12 Months Previous: 61.4%

Average Workweek
Predicted: 34.8 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.

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

From Today's Report:

"...In January, the share of employed persons who teleworked because of the coronavirus pandemic. increased to 15.4 percent. 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 January, 6.0 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 considerably higher than the level of 3.1 million in December. Among those who reported in January that they were unable to work because of pandemic-related closures or lost business, 23.7 percent received at least some pay from their employer for the hours not worked, up from the prior month.

Among those not in the labor force in January, 1.8 million persons were prevented from looking for work due to the pandemic, up from 1.1 million in the prior month. (To be counted as unemployed, by definition, individuals must be either actively looking for work or on temporary layoff.)..."

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

CHART: Nonfarm Payroll Employment
January 2022 Update

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

CHART: U-3 (Headline) Unemployment Rate
January 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.

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

>  SITEMAP  <

Employment Situation Report for December 2021

The Employment Situation Report for  December 2021 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Predicted: +500,000

Previous Month (Revised): 249,000
Actual: +199,000

U-3 Unemployment Rate (Headline)
Actual: 3.9%
Previous Month: 4.2%
12 Months Previous: 6.7%

U-6 Unemployment Rate*
Actual: 7.3%
Previous Month: 7.7%
12 Months Previous: 11.7%

Average Hourly Earnings (month-to-month change)
Predicted: +0.5%
Actual: +0.611% (+$0.19)

Average Hourly Earnings (year-on-year change)
Predicted: +3.5%
Actual: +4.681% (+$1.40)

Average Weekly Earnings (month-to-month change)
Actual: +0.611% (+$6.60)

Average Weekly Earnings (year-on-year change)
Actual: +4.681% (+$48.58)

Civilian Labor Force Participation Rate: 61.9%
Previous Month: 61.9%
12 Months Previous: 61.5%

Average Workweek
Predicted: 34.8 hours
Actual: 34.7 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 December, the share of employed persons who teleworked because of the coronavirus pandemic was 11.1 percent, little different from November. 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 December, 3.1 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 was down from the level of 3.6 million in November. Among those who reported in December that they were unable to
work because of pandemic-related closures or lost business, 15.9 percent received at least some pay from their employer for the hours not worked, little changed from the prior month.

Among those not in the labor force in December, 1.1 million persons were prevented from looking for work due to the pandemic, little changed from November..."

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

CHART: Nonfarm Payroll Employment
December 2021 Update

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

 

 CHART: U-3 (Headline) Unemployment Rate
December 2021 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.

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

>  SITEMAP  <

Employment Situation Report for November 2021

The Employment Situation Report for November 2021 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Predicted: +500,000

Previous Month (Revised): 546,000
Actual: +210,000

U-3 Unemployment Rate (Headline)
Actual: 4.2%
Previous Month: 4.6%
12 Months Previous: 6.7%

U-6 Unemployment Rate*
Actual: 7.8%
Previous Month: 8.3%
12 Months Previous: 12.0%

Average Hourly Earnings (month-to-month change)
Predicted: +0.5%
Actual: +0.258% (+$0.08)

Average Hourly Earnings (year-on-year change)
Predicted: +3.5%
Actual: +4.8% (+$1.42)

Average Weekly Earnings (month-to-month change)
Actual: +0.547% (+$5.87)

Average Weekly Earnings (year-on-year change)
Actual: +4.795% (+$49.41)

Civilian Labor Force Participation Rate: 61.8%
Previous Month: 61.6%
12 Months Previous: 61.5%

Average Workweek
Predicted: 34.8 hours
Actual: 34.8 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 November, the share of employed persons who teleworked because of the coronavirus pandemic declined by 0.3 percentage point to 11.3 percent. 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 November, 3.6 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.  

 
Among those who reported in November that they were unable to work because of pandemic-related closures or lost business, 15.8 percent received at least some pay from their employer for the hours not worked, little changed from the prior month.
 
Among those not in the labor force in November, 1.2 million persons were prevented from looking for work due to the pandemic, little changed from October. (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 210,000 in November. Thus far this year, monthly job growth has averaged 555,000. Nonfarm employment has increased by 18.5 million since April 2020 but is down by 3.9 million, or 2.6 percent, from its pre-pandemic level in February 2020. In November, notable job gains occurred in professional and business services, transportation and warehousing, construction, and manufacturing. Employment in retail trade declined over the month.


In November, average hourly earnings for all employees on private nonfarm payrolls increased by 8 cents [+0.258%] to $31.03. Over the past 12 months, average hourly earnings have increased by 4.8 percent. In November, average hourly earnings of private-sector production and nonsupervisory employees rose by 12 cents to $26.40..."

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

CHART: Nonfarm Payroll Employment
November 2021 Update

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

 CHART: U-3 (Headline) Unemployment Rate
November 2021 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.

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

>  SITEMAP  <

Employment Situation Report for October 2021

The Employment Situation Report for October 2021 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Predicted: +500,000

Previous Month (Revised): 312,000
Actual: +531,000

U-3 Unemployment Rate (Headline)
Actual: 4.6%
Previous Month: 4.8%
12 Months Previous: 6.9%

U-6 Unemployment Rate*
Actual: 8.3%
Previous Month: 8.5%
12 Months Previous: 12.1%

Average Hourly Earnings (month-to-month change)
Predicted: +0.5%
Actual: +0.357% (+$0.11)

Average Hourly Earnings (year-on-year change)
Predicted: +3.5%
Actual: +4.878% (+$1.44)

Average Weekly Earnings (month-to-month change)
Actual: +0.068% (+$0.73)

Average Weekly Earnings (year-on-year change)
Actual: +4.576% (+$47.01)

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

Average Workweek
Predicted: 34.8 hours
Actual: 34.7 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.

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From Today's Report:

 "...In October, 11.6 percent of employed persons teleworked because of the coronavirus pandemic, down from 13.2 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 October, 3.8 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 down from 5.0 million in September. Among those who reported in October that they were unable to work because of pandemic-related closures or lost business, 13.3 percent received at least some pay from their employer for the hours not worked, little changed from the prior month.

Among those not in the labor force in October, 1.3 million persons were prevented from looking for work due to the pandemic. This measure is down from 1.6 million in September. (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 531,000 in October. Thus far this year, monthly job growth has averaged 582,000. Nonfarm employment has increased by 18.2 million since a recent trough in April 2020 but is down by 4.2 million, or 2.8 percent, from its pre-pandemic level in February 2020. Job growth was widespread in October, with notable job gains occurring in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing. Employment in public education declined over the month.

In October, average hourly earnings for all employees on private nonfarm payrolls increased by 11 cents [+0.357%] to $30.96, following large increases in the prior 6 months. Over the past 12 months, average hourly earnings have increased by 4.9 percent. In October, average hourly earnings of private-sector production and nonsupervisory employees rose by 10 cents to $26.26..."

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CHART: Nonfarm Payroll Employment
October 2021 Update

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CHART: U-3 (Headline) Unemployment Rate
October 2021 Update

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 * =  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."

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

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