Key Points:
- Total nonfarm payroll employment rose by 12,000 in October and the unemployment rate was unchanged at 4.1%.
- Consensus was a gain of 113,000 jobs.
- The change in total nonfarm payroll employment for August was revised down by 81,000, from +159,000 to +78,000, and the change for September was revised down by 31,000, from +254,000 to +223,000. With these revisions, employment in August and September combined is 112,000 lower than previously reported.
- Healthcare added 52,000 jobs in October, government rose by 40,000, and manufacturing employment fell by 46,000.
- In October, average hourly earnings for all employees on private nonfarm payrolls rose by $0.13 to $35.46.
- The average workweek for all private employees remained at 34.3 hours in October.
- The labor force participation rate fell slightly to 62.6% and is 0.8% below its February 2020 level.
- The Right Facts will continue to monitor employment.