Skip to main content

The economy added 80,000 jobs, according to the October jobs report released by the Bureau of Labor Statistics. The private sector created 104,000 jobs while the public sector lost 24,000 jobs.

The August and September reports were revised upward by a combined 102,000 jobs.

The U3 unemployment rate dipped fractionally, from 9.1 percent to 9.0 percent, with 13.9 million people unemployed by this measure, down from 14 million last month. It has hovered between 9.0 and 9.2 percent since April. The U6, a measure of unemployment that counts part-time workers who want full-time work and discouraged workers who have not looked for jobs recently enough to be counted in the U3 but would still like to work, fell from 16.5 percent to 16.2 percent. That includes 8.9 million people working part-time involuntarily who would prefer full-time work.

Among the major worker groups, the unemployment rate declined for
blacks (15.1 percent) in October, while the rates for adult men (8.8 percent), adult women (8.0 percent), teenagers (24.1 percent), whites (8.0 percent), and Hispanics (11.4 percent) showed little or no change. The jobless rate for Asians was 7.3 percent, not seasonally adjusted.

Long-term unemployment—those who have been without work for 27 weeks and over—was 5.9 million, a decrease of 366,000, and accounted for 42.4 percent of total unemployment.

The labor force participation rate held steady at 64.2 percent, while the employment-population ratio was "little changed," going from 58.2 percent to 58.4 percent.

Average hourly earnings for private sector nonfarm workers continued to be essentially stagnant, increasing by five cents or 0.2 percent, for a 12-month gain of 1.8 percent. Marketwatch notes that:

Stagnant wages are a major contributor to the slow rate of hiring since consumption accounts for as much as 70% of U.S. growth. When people have less to spend, business lack enough demand for their goods and services to hire more workers.

Public sector job losses, of course, are another major drag on the economy. Month after month we see the private sector adding some jobs—not enough, but some—but the total number of jobs added being cut by government layoffs and hiring freezes.

Originally posted to Daily Kos Labor on Fri Nov 04, 2011 at 06:04 AM PDT.

Also republished by Daily Kos.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  What do these numbers mean? (4+ / 0-)

    If we've only created 80,000 jobs and we need 120-150,000 a month to keep up with population growth, why are U3 and U6 declining?  Where are people going:  moving abroad, retiring, dying from lack of health insurance?

    Numbers aren't adding up, and I'm not sure which traditional fudge factors are involved.

    Don't tell me what you believe. Tell me what you do and I'll tell you what you believe. --Meteor Blades

    by Dallasdoc on Fri Nov 04, 2011 at 06:10:52 AM PDT

  •  At this pace, we'll be down to a mere 7% by 8/13 (6+ / 0-)

    The whole "austerity" approach to govt is a drag on the economy now and will become an even bigger drag in months to come.

    Some men see things as they are and ask why. I dream of things that never were and ask why not?

    by RFK Lives on Fri Nov 04, 2011 at 06:16:38 AM PDT

    •  And it would be terrible (1+ / 0-)
      Recommended by:

      First, you are assuming a .1% reduction every month - so I'm not sure what you are basing that on.

      But as I commented above - the UE rate declined not because alot of new people have jobs (the 80,000) - but because the size of the labor pool considered has contracted as workers give into despair and stop looking for work.  

      So sure - you could have a 7% UE rate by 8/13 - and have an economy where tens of millions of additional people had succumbed to poverty because they couldn't find work and weren't trying to rejoin the workforce.

      •  Here is what the report said... (4+ / 0-)
        Recommended by:
        Meteor Blades, askew, Lawrence, TexasTom

        The U6, a measure of unemployment that counts part-time workers who want full-time work and discouraged workers who have not looked for jobs recently enough to be counted in the U3 but would still like to work, fell from 16.5 percent to 16.2 percent.

        The labor force participation rate held steady at 64.2 percent.  Long-term unemployment—those who have been without work for 27 weeks and over—was 5.9 million, a decrease of 366,000.

        What you're saying happened didn't actually happen if you read the report.

        These are two separate surveys.

    •  Almost certainly another downturn (1+ / 0-)
      Recommended by:

      before then.  Wonder how the U.S. will work when 8% is the new full employment?

    •  what? (2+ / 0-)
      Recommended by:
      beltane, cpresley

      no, at this level of jobs creation, we would NEVER get down to 7%

      compared to population growth, we had a net LOSS of jobs.

  •  it's less of creation so much as it is the dynamic (0+ / 0-)

    replacement and substitution of jobs - always the issue with macro-level data. And as for "job creators" that degree of agency never falls on individuals so much as it is a systemic interaction of decision-making institutions and policies

    I am off my metas! Präsidentenelf-maßschach; Warning-Some Snark Above"Nous sommes un groupuscule" (-9.50; -7.03)

    by annieli on Fri Nov 04, 2011 at 06:22:55 AM PDT

  •  Greece had it right (0+ / 0-)

    Reduce the number of hours someone must work, this allows more people to work.  In addition, stop trying to force people to work to simply survive.  There is enough wealth in the country to go around.  We can provide for those that are not willing to work without harming the rest.

    Time to put a max pay plan in place.  No one should be paid more than they need.

    •  Except the story on Greece is false (1+ / 0-)
      Recommended by:

      since Greeks not only retire later than Germans but they work double the hours. The story was put out there for a reason, and I see it has become embedded.

      There are two kinds of people in this world. The kind who divide the world into two kinds of people, and the kind who don't.

      by upstate NY on Fri Nov 04, 2011 at 07:08:53 AM PDT

      [ Parent ]

      •  Thant is factually incorrect (0+ / 0-)

        Because it looks only at the private sector in Greece.  Greece has the largest percentage of public sector workers in the Euro zone.  The public sector workers have it much better in terms of the amount of time they are forced to work.

         Private =  "greed".  End the private use of community resources and all people will finally be equal.  A maximum pay cap for all levels of workers would insure no one is allowed to take too big a piece of the pie.  Leaving plenty for all.

        •  Wrong, it doesn't have the largest amount of (1+ / 0-)
          Recommended by:

          workers in the eurozone. It's exactly at the average.

          And that number is for ALL Greek workers, not only private workers.

          Private sector salary is 12k a year (at least it used to be 2 years ago before the cuts).

          Again, Greeks retire later than Germans and Germans have the best work hour situation in Europe, short work weeks.

          I don't disagree with your point. Germany is a good example of what you're saying. Greece is the total opposite as is Spain.

          There are two kinds of people in this world. The kind who divide the world into two kinds of people, and the kind who don't.

          by upstate NY on Fri Nov 04, 2011 at 08:08:50 AM PDT

          [ Parent ]

  •  Private secor growth (4+ / 0-)
    Recommended by:
    Lawrence, SidKr, smartdemmg, askew

    continues to be partially offset by public sector losses.

    That austerity brought on by all these Republican-dominated state legislatures sure is working wonders... how many public sector jobs have disappeared this year?

    "Here is my principle: Taxes shall be levied according to ability to pay. That is the only American principle." Franklin D. Roosevelt

    by bear83 on Fri Nov 04, 2011 at 06:41:07 AM PDT

  •  chart data (0+ / 0-)

    Is there any reference data that could chart the 1930 collapse and unenployment during that time? It is great to see post WW-II, but I'd be curious how long it took for unemployment to get better post Great Depression.

  •  Meh..... (0+ / 0-)

    Here we are now Entertain us I feel stupid and contagious

    by Scarce on Fri Nov 04, 2011 at 06:56:29 AM PDT

  •  'In God We Trust' must be working. (1+ / 0-)
    Recommended by:
  •  Can anyone answer... (2+ / 0-)
    Recommended by:
    Lawrence, askew

    Where would unemployment be without the public sector layoffs we've seen over the last year or so?

    Does anyone have the numbers? How many public sector jobs have been lost in the last, say, 18 months? Factor those jobs back in and where are we on unemployment?

    I think that would be a powerful tool for convincing the ignorant that the government does indeed create jobs and that the Republicans are putting party over country.

    •  Indeed. (2+ / 0-)
      Recommended by:
      jeopardydd, askew

      We'd probably be seeing a fairly solid recovery right now if the public sector were hiring instead of firing:

      The change in total nonfarm payroll employment for August was revised
      from +57,000 to +104,000, and the change for September was revised
      from +103,000 to +158,000.

      I also wonder what the coming revision for October will be.

      September was pretty solid after revisions, and would be even more solid without public sector lay-offs.

      "A candle loses nothing by lighting another candle" - Mohammed Nabbous, R.I.P.

      by Lawrence on Fri Nov 04, 2011 at 07:02:33 AM PDT

      [ Parent ]

    •  I can't say where the unemployment rate would be (3+ / 0-)
      Recommended by:
      Meteor Blades, askew, Lawrence

      but I do know since 2008, the public sector has shed an astounding 700,000 jobs (or close to it).

      •  assuming.. (0+ / 0-)

        Using the 700k number, and assuming all former-government workers who are now in the private sector would be replaced by someone who is unemployed, then the rate would be ~8.6% (9.2% unadjusted).

        There are probably also private-sector losses related to government spending cuts, but I have no way of quantifying that.

  •  well (2+ / 0-)
    Recommended by:
    beltane, Meteor Blades

    another disastrous month for the American people.

    job growth not even keeping up with population growth? after all this time? ouch.

  •  If the Dems controlled the House right now (0+ / 0-)

    job growth would be up, the unemployment rate would probably be 1 point lower, and the growth rate would be around 3.5%.  Elections matter.  Don't sit out 2012.

    I think the economy's recent activity should come as a worrying sign for the GOP.  Keep in mind that this GOP House thinks its mandate is to destroy the economy in order to make Obama unelectable in 2012. They have shut down the government, attempted to default on the national debt, squeezed state and local government, choked off future stimulus to achieve this aim.  They have also been aided by the Euro debt crisis and natural disasters.  Despite this, the economy has shown some resiliency.  If this trend continues, I think Obama's re-election prospects improve and their re-election prospects diminish.  

    Alternative rock with something to say:

    by khyber900 on Fri Nov 04, 2011 at 10:05:12 AM PDT

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site