Employment Up – Unemployment Also Up?
- Unadjusted Employment rose from 153.197 million to 154.369
- Labor Force Participation is Down from 62.3% to 62.2%
- Adjusted U-3 was Up from 3.5% to 3.7%
- Unadjusted U-3 was Up from 3.3% to 3.4%
- Unadjusted U-6 was Down from 6.4% to 6.3%
The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for October on November 4th.
According to the Commissioner of the U.S. Bureau of Labor Statistics:
“Nonfarm payroll employment increased by 261,000 in October, and the unemployment rate rose to 3.7 percent. Notable job gains occurred in health care, professional and technical services, and manufacturing. Monthly job growth has averaged 407,000 thus
far in 2022, compared with 562,000 per month in 2021.”
You can read the full BLS report here.
As usual, they are talking about “Seasonally Adjusted Jobs” from the “Household Survey” rather than looking at the results reported by actual companies in the BLS “Establishment Survey”.
Looking at the Establishment Survey report, we see…
Originally the BLS reported employment of 153.073 million for September, which they adjusted up to 153.197 million. So, 124,000 additional jobs appeared for September.
October gained an additional 1,272,000 jobs bringing the total up to 154.369 million.
Initially, the market shot up under the news but as the day progressed the market lost most of its gains.
See November FED Announcement Rocks Stock Market for more market info.
ADP® National Employment Report
According to ADP In collaboration with Stanford Digital Economy Lab
Private employers added 239,000 jobs in October
- Employers created 239,000 jobs in October, up from a revised 192,000 in September as restaurants, retailers and the travel sector ramped up hiring in advance of the year-end holidays.
ADP also lists increases by “firm size”.
At some point, it may look like small-size firms (i.e. 1-19 employees) are increasing, while everything else is decreasing, but that could simply be the result of people starting companies because they can’t find any other jobs (although this isn’t currently the case). Last month, there were increases across the board. This month’s results were mixed.
Unemployment
Looking at the chart for unemployment, we see that despite the increase in the number of people employed unemployment still ticked upward slightly.
Employment –Establishment Survey
Looking at the chart for employment, we see that current employment (154.369 million) is now above the 2019 peak (153.095 million) although the civilian population is 5 million higher now.
See Current Employment for more info.