Rosenberg: Nonfarm payrolls managed to dramatically exceed expectations and rung up a total of 151,000 jobs in October — more than double consensus estimates. And, the prior two months were revised higher by a total of 110,000. The workweek edged back up to 34.3 hours from 34.2 hours in September and along with the moderate increase in wages, average weekly earnings, a proxy for work-based personal income, jumped 0.5% MoM...
The headline was undoubtedly strong, as were some of the details, but we want to warn readers that this was not a universally solid report. First, within the nonfarm report itself, virtually all the gains were in three sectors — health/education, retail trade and waste/administrative services. Goods-producing employment barely rose...
Moreover, the Household Survey showed a 330,000 decline in October, and again, full-time jobs declined, as they have for each of the past five months for a cumulative plunge of 1.1 million. The employment-to-population rate — the share of the population that is working — fell to 58.3% from 58.5%, a 10-month low. Many labour market experts actually consider this to be the most accurate barometer of the health in the labour market [My emphasis]
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