231,000 Jobs Added in October

Total nonfarm payroll employment grew 231,000 in October, rebounding from last month’s dismal reading due to Hurricane activity, according to the Bureau of Labor Statistics. The national unemployment rate ticked down from 4.2% to 4.1%, the lowest level since December 2000.

Private service-providing industries gained 252,000 jobs, led by leisure and hospitality services, which added 106,000 after shedding 102,000 last month.

Goods-producing employment rose by 33,000 jobs during the month, as gains in manufacturing led by adding 24,000 jobs in October.

The civilian labor force participation rate was 62.7%, a decline from September’s 63.1% rate. Workers unemployed for less than 14 weeks decreased by 29,000, while the number of long-term unemployed, those jobless for 27 weeks or more, fell by 112,000 and accounted for 24.9% of the unemployed. The number of discouraged workers was 524,000, a 103,000 increase from a month earlier.

Average hourly earnings decreased by 1 cent to $26.53, after a 12-cent increase in September. Over the past year, average hourly earnings have risen by 63 cents, or 2.4%.

Read the BLS release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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