Friday, November 4, 2011

Employment: Update October 2011

The U.S. economy added 80,000 jobs in October—but that number is deceptive. The Bureau of Labor Statistics also revised its numbers for August and for September. In both cases jobs were added to the earlier reported totals. If we add the results of those changes, the total change between the last report and this one is a net addition of 182,000 jobs, 102,000 due to revisions and 80,000 due to changes in October. October data, to be sure, will also be revised before the next report is published, but the good news is that revisions, these days, are in the positive direction. The changes made are shown in the small insert graphic to the left. The results for October are presented below. Details may be obtained from the BLS press release (link). I will follow this up tomorrow with details by sectoral changes.

It pleases me that the trends are up. We’ve clocked 13 months of solid gains. Of 8.7 million jobs lost in 2008-2009, we have recovered 2.2 million, amounting to a 25.3 percent recovery in 22 months. The economy is not roaring back exactly, but it is better to employ than not to.

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