Below, EPI economists offer their insights on the jobs report released this morning, which showed 150,000 jobs added in October.
From EPI senior economist, Elise Gould (@eliselgould):
Labor market report sends mixed signals with the payroll survey showing solid gains and the household survey reporting losses.
– Payroll survey reports job gains of 150,000 for October
– Participation and employment in the household survey are down— Elise Gould (@eliselgould) November 3, 2023
Job gains were particularly strong in health care and social assistance and the public sector. The notable decline in manufacturing employment is concentrated in motor vehicles and parts, not surprising given the UAW strike and are expected to reverse in next month’s report. pic.twitter.com/Bs5KnVHdMr
— Elise Gould (@eliselgould) November 3, 2023
While overall government jobs have returned to their pre-pandemic level, state and local jobs—think teachers, for instance—are still 0.4% below. And, that benchmark is a low bar given population growth over the last 3.5 years. pic.twitter.com/g6SpI6XEJA
— Elise Gould (@eliselgould) November 3, 2023
Why applaud decelerating nominal wage growth?
1. The Fed will be looking at that closely to determine whether there’s overheating that may spur their rate hikes further.
2. Real (inflation-adjusted) wages are rising because inflation has been falling faster than wage growth.— Elise Gould (@eliselgould) November 3, 2023
From EPI president, Heidi Shierholz (@hshierholz):
Jobs report very solid. 150k jobs added, for an average of 204k added over last three months.
Historic UAW strikes likely reduced payrolls by around 30k in Oct, but with the successful end to those strikes, those workers will be back in the data next month.
— Heidi Shierholz (@hshierholz) November 3, 2023
We should step back for a second and think about the fact that the unemployment rate has been at or below 4% for TWENTY-THREE months. Next month will mark two years! This is a breathtaking testament to the power of bold fiscal policy to create a robust jobs recovery.
— Heidi Shierholz (@hshierholz) November 3, 2023
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