October 2010 Jobs Report and Wages

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

Bureau of Labor Statistics

Job Report Stats Summary

About benleeson
My name is Ben Leeson. I currently work for a large financial company in IT. I went to school at Marist College in Poughkeepsie, NY. I graduated with a B.S. in Business Administration concentrating in HR. Professor William Brown taught me and I enjoyed his classes; even acquiring an appreciation for just about all things HR. I didn’t pursue a job in that field after college but I’ve kept up with it. This blog will further my fascination with all things HR. I hope to grow my knowledge of the area through thoughtful writings and spirited feedback. I will attempt to have a fairly routine style so anyone reading can come to expect certain segments. Please excuse my incorrect grammar and occasional misspelling.

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