Non-Farm Payroll Numbers Released
Non-farm employment figures have been released in the United States. The employment data, which indicated a monthly increase of only 12,000 jobs, fell significantly below expectations of 106,000.
In October, there was no noticeable change in non-farm employment figures in the U.S. The Bureau of Labor Statistics announced that non-farm employment saw a modest increase of only 12,000, while the unemployment rate remained stable at 4.1%. Employment rose in the health and government sectors, while there was a decline in temporary help services. In the manufacturing sector, a decrease in employment was attributed to strike activities.
These figures encompass statistics obtained from two separate monthly surveys, namely "household" and "establishment." The household survey measures demographic characteristics such as labor force status and unemployment, while the establishment survey focuses on industrial data such as non-farm employment, hours, and earnings.
The impact of the hurricanes
The Helene and Milton hurricanes had a significant effect on the initial data collected for October. These hurricanes, which struck the southeastern United States, caused considerable damage in the region. While the unemployment rate remained steady at 4.1%, the number of unemployed individuals was recorded at around 7 million. These figures are higher than the same period last year, when the unemployment rate was 3.8% and the number of unemployed was 6.4 million.
Examining key worker groups, it was noted that unemployment rates among adult men, adult women, and other demographic groups did not show significant changes during the month. The number of individuals experiencing permanent job loss rose to 1.8 million, while the number of those in temporary layoffs remained stable at approximately 846,000.
Sectoral changes and earnings
In the health sector, 52,000 new job opportunities were created in October, while government employment increased by 40,000. The temporary services sector experienced a decline, resulting in a loss of 49,000 jobs. In the manufacturing sector, employment fell by 46,000 due to strike activities.
Regarding hourly earnings, average hourly wages for private sector employees increased by 0.4% to $35.46. The length of the workday remained nearly unchanged, with the average workweek duration for the private sector holding steady at 34.3 hours.
Revised previous monthly figures
Non-farm employment figures for August and September were revised downward. The increase in August was updated to 78,000, which is 81,000 lower than previously reported, while the increase for September was also reduced by 31,000 to 223,000. As a result of these revisions, the total employment increase for August and September was calculated to be 112,000 lower than initially reported figures. These revisions were made following an assessment of additional establishment reports and seasonal factors.