[Bureau of Labor Statistics] Good News:
Total nonfarm payroll employment rose by 531,000 in October, and the unemployment rate edged down by 0.2 percentage point to 4.6 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, with notable job gains in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing. Employment in public education declined over the month.
Bad News:
In October, average hourly earnings for all employees on private non farm payrolls increased by 11 cents to $30.96
[this is less than inflation]
following large increases in the prior 6 months. Over the past 12 months, average hourly earnings have increased by 4.9 percent. In October, average hourly earnings of private-sector production and non supervisory employees rose by 10 cents to $26.26. (See tables B-3 and B-8.)
The average workweek for all employees on private non farm payrolls decreased by 0.1 hour to 34.7 hours. In manufacturing, the average workweek edged down by 0.1 hour to 40.3 hours, and overtime edged down by 0.1 hour to 3.2 hours. The average workweek for production and non supervisory employees on private nonfarm payrolls decreased by 0.1 hour to 34.1 hours.
Also bad is that Q3 productivity continued a downward trend that began earlier. This is mostly because supply chain issues keep people on the job without the products they need to finish the job and maybe also that key people are out with covid.
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