October 2010 Jobs Report and Wages
November 6, 2010 Leave a comment
Here are the job market and compensation numbers for October 2010 (based on the job report):
Net gain of 151,000 jobs in the month
- Census work, which elevated the jobs report in the spring and then weighed it down over the summer is no longer a factor
- Private sector payrolls increased by 159,000
- Four straight months of private payroll gains surpassing 100,000. Hasn’t happened since October 2005 – April 2006
- Analysts expected an overall gain of 60,000
- August was revised to a loss of 1,000 from an original reading of a loss of 54,000 and a revision of 57,000 last month
- September was revised to a loss of 41,000 jobs from an original reading of 95,000 lost jobs
- The revisions for August and September alone add 110,000 jobs to the economy
- 6.1 million people have been jobless for more than 6 months (long term unemployed) – virtually unchanged from September and August
- 41.8% of the unemployed are long term unemployed – inched up from 41.7% last month
- Businesses (private sector) have now added 1.1 million jobs since the start of 2010, after cutting 8.5 million in 2008 and 2009 combined
- 1% Gain over the last 12 month. The first time this has happened since mid 2007, prior to the recession
- Government has lost 253,000 jobs
Unemployment rate stayed at 9.6%
- Analysts predicted it would be 9.6%
- The employment to population ratio is 58.3% – down from 58.5%
- 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), decreased slightly to 17.0% from 17.1%. This is still really high
- PMI, a measure of manufacturing pace, is 56.9% and the 18th consecutive month of readings over 50 percent. Anything above 50% means the machines are running
- There are now 0.8% more manufacturing jobs than there were a year ago. Manufacturing has been a slow decline for a decade
- Productivity, measured for the quarter, showed tepid growth of 1.9%
Specific Segment Job numbers:
- Manufacturing lost 7,000 jobs
- Construction gained 5,000 jobs
- Retailers added 27,900 jobs
- Leisure and Hospitality Services lost 5,000 jobs
- Government sector lost 8,000, Federal losses were 1,000
- Education and Health Services grew by 53,000 jobs
- Health Care and Social Assistance grew by 34,000
- Professional and Business Services grew by 46,000
- 34.900 jobs added in Temporary Help
Wage (can be revised):
- The average weekly paycheck (seasonally adjusted) is $644.11 – an increase of $4.26!
- The average hourly earning (seasonally adjusted) is $19.17 – an increase of 7 cents
- Average weekly hours and overtime of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted is 33.6 hours
Net gain of 151,000 jobs in the month
- Census work, which elevated the jobs report in the spring and then weighed it down over the summer is no longer a factor
- Private sector payrolls increased by 159,000
- Four straight months of private payroll gains surpassing 100,000. Hasn’t happened since October 2005 – April 2006
- Analysts expected an overall gain of 60,000
- August was revised to a loss of 1,000 from an original reading of a loss of 54,000 and a revision of 57,000 last month
- September was revised to a loss of 41,000 jobs from an original reading of 95,000 lost jobs
- The revisions for August and September alone add 110,000 jobs to the economy
- 6.1 million people have been jobless for more than 6 months (long term unemployed) – virtually unchanged from September and August
- 41.8% of the unemployed are long term unemployed – inched up from 41.7% last month
- 41.8% of the unemployed are long term unemployed – inched up from 41.7% last month
- Businesses (private sector) have now added 1.1 million jobs since the start of 2010, after cutting 8.5 million in 2008 and 2009 combined
- 1% Gain over the last 12 month. The first time this has happened since mid 2007, prior to the recession
- Government has lost 253,000 jobs
Unemployment rate stayed at 9.6%
- Analysts predicted it would be 9.6%
- The employment to population ratio is 58.3% – down from 58.5%
- 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), decreased slightly to 17.0% from 17.1%. This is still really high
- PMI, a measure of manufacturing pace, is 56.9% and the 18th consecutive month of readings over 50 percent. Anything above 50% means the machines are running
- There are now 0.8% more manufacturing jobs than there were a year ago. Manufacturing has been a slow decline for a decade
- Productivity, measured for the quarter, showed tepid growth of 1.9%
Specific Segment Job numbers:
- Manufacturing lost 7,000 jobs
- Construction gained 5,000 jobs
- Retailers added 27,900 jobs
- Leisure and Hospitality Services lost 5,000 jobs
- Government sector lost 8,000, Federal losses were 1,000
- Education and Health Services grew by 53,000 jobs
- Health Care and Social Assistance grew by 34,000
- Professional and Business Services grew by 46,000
- 34.900 jobs added in Temporary Help
Wage (can be revised):
- The average weekly paycheck (seasonally adjusted) is $644.11 – an increase of $4.26!
- The average hourly earning (seasonally adjusted) is $19.17 – an increase of 7 cents
- Average weekly hours and overtime of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted is 33.6 hours
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