US non-farm payrolls employment data for October 2021
- Prior was +194K (+312K)
- Two month net revision +235K
- Unemployment rate 4.6% vs 4.7% expected
- Prior unemployment rate 4.7%
- Participation rate 61.6% vs 61.7% expected (was 62.8% pre-pandemic)
- Prior participation rate 61.7%
- Underemployment rate 8.3% vs 8.5% prior
- Average hourly earnings +0.4% m/m vs +0.4% expected
- Average hourly earnings +4.9% y/y vs +4.8% expected
- Average weekly hours 34.7 vs 34.8 expected
- Change in private payrolls +604K vs +317K prior
- Change in manufacturing payrolls +60K vs +26K prior
- Long-term unemployed at 2.3m vs 2.7m prior
- The employment-population ratio, at 58.8% vs 58.7% prior (61% before pandemic)
This is a good report for everyone. There's some strength here but not enough to shake the Fed from its 'transitory' narrative.
The leisure and hospitality sector added 164K jobs, which is a solid sign of recovery from the delta wave.
