The final US employment report before the presidential election was released on Friday.
US employers added 161,000 non-farm payrolls in October, which was a bit lighter than the 173,000 expected by economists.
This was driven by the addition of 142,000 private payrolls. Notably, manufacturing payrolls fell by 9,000 during the period.
The
unemployment rate fell to 4.9% from 5.0% a month ago. This was largely
attributable to the 195,000 Americans that dropped out of the labor
force, which brought the labor force participation rate down to 62.8%
from 62.9%.
Below is a look at unemployment rates by demographic.
Unemployment
rates for most demographics fell. The unemployment rate for black or
African American workers climbed to 8.6% from 8.3%. The unemployment
rate for high school graduates with no college ticked up to 5.5% from
5.2%.
Below is a look at jobs added by industry. The main areas of weakness continue to be manufacturing and mining and logging.
The
monthly US employment report is among the most closely watch economic
reports in the world. Friday’s report is one before American voters head
to the polls on Tuesday to vote for their next president.
As the candidate representing dramatic change, Republican Donald Trump has been expected to pounce on a disappointing report, or even spin negatively an encouraging report.
Labor market trends overall remain strong
This week, the Department of Labor reported 265,000 unemployment insurance claims, marking the 87th consecutive week this figure has been below 300,000. You have to go back to 1970 to find a better time.
Monthly
manufacturing surveys also signaled strength. The employment indices of
the ISM manufacturing report, Philly Fed report, Kansas City Fed
report, and Richmond Fed report.
While
any short-term blip in the data may be cause for concern, it would take
several months of disappointing data to cause the trends to inflect in a
worrisome way.
http://finance.yahoo.com/news/us-payrolls-report-october-2016-120057333.html
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