* Nonfarm payroll employment trended up in October (+80,000)
* Unemployment rate was little changed at 9.0 %
MoM change in K
Category....................................Oct...........Aug...........Sept.................Oct.
.................................................2010.......2011........2011p...........2011p
Total nonfarm.............................171.........104............158....................80
Total private..............................143...........72............191..................104
Goods-producing........................1............-13.............29...................-10
Private service-providing1........142............85............162.................114
Government................................28............32.............-33.................-24
Thots & Observations....
1) The change in TNFP (total nonfarm payroll) employment for August was revised from +57K to +104K and the change for September was revised from +103K to +158K.
IMHO, it shows that the BLS preliminary estimates data tend to be adjusted upwards in future mths as more data streamed in; only to follow the ADP Private Payrolls data.
2) So jobs add in the previous 2 mths had been underestimated.
3) As with the ADP data, Goods-producing industries remain weak, whilst the Service Providing Industries power on.
4) Govt Sector continues to be weak, with the State govt losing 20K jobs.
No comments:
Post a Comment