October 2011 Jobs Report and Wages
Here are the job market and compensation numbers for October 2011 (based on the job report):
Net gain of 80,000 jobs in the month (revised to a gain of 100,000)
- Analysts expected an overall gain of 98,000
- Private sector payrolls increased by 104,000
- Private sector payrolls increased by 104,000
– Private sector service providing industries added 114,000 jobs
– Private sector goods producing industries lost 10,000 jobs
- September was revised from a gain of 103,000 to a gain of 158,000 (final revision to a gain of 210,000)
- August was revised from a gain of 57,000 to a gain of 104,000 (final)
- The labor force in the US is currently 154198 million
- The unemployed totaled 13.9 million, down from 14 million which was the number for most of year
- 5.9 million have been jobless for six months or longer, a drop of 366,000
- 42.4% of the unemployed are long term unemployed
- Payroll processing company ADP said private-sector payrolls grew by 110,000
- August was revised from a gain of 57,000 to a gain of 104,000 (final)
- The labor force in the US is currently 154198 million
- The unemployed totaled 13.9 million, down from 14 million which was the number for most of year
- 5.9 million have been jobless for six months or longer, a drop of 366,000
- 42.4% of the unemployed are long term unemployed
- Payroll processing company ADP said private-sector payrolls grew by 110,000
– According to ADP, small firms, with payrolls ranging from one to 49 employees and thought by many to be the engine of job growth, led the charge, adding 58,000 jobs
– Again, according to ADP, medium-sized businesses, with payrolls between 50 and 499 employees, added 53,000 jobs in the month, while the nation’s largest businesses lost 1,000 jobs.
– Of the 110,000 private sector-jobs added in the month, 114,000 of them came from the service-providing sector and a loss of 4,000 jobs in the goods producing industries
- The announced jobs cuts for November were 42,759
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Unemployment rate dropped to 9.0%
- Analysts predicted it would remain at 9.1%
- the civilian labor force participation rate was 64.2 percent
- The employment-population ratio was 58.4 percent, up slightly from 58.3 percent in September
- The U-6 report, which is a broader group to count (workers who are part time but want to be full time and discouraged worker), dropped in line with the Unemployment rate to 16.2%
- PMI, a measure of manufacturing pace, is 50.8%, the 27th consecutive month of readings over 50 percent. Anything above 50% means the machines are running
- Service sector activity fell to 52.9%. It was the 23th straight month of growth and anything over 50% signifies growth
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Specific Segment Job numbers:
- Manufacturing gained 5,000 jobs
- Construction lost 20,000 jobs
- Retailers gained 17,800 jobs
- Leisure and Hospitality Services gained 22,000 jobs
- Government sector lost 24,000: 20,000 loss in state government
- Education and Health Services gained 28,000
- Health Care and Social Assistance grew by 16,300
- Professional and Business Services grew by 32,000
- Temporary help gained 15,000
Wage (can be revised):
- The average weekly paycheck (seasonally adjusted) is $658.16
- The average hourly earning (seasonally adjusted) is $19.53
- Average weekly hours and overtime of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted is 33.7
