Today’s release of the October Employment Situation by the US Bureau of Labor Statistics (BLS) indicated that total nonfarm employment rose by +150,000 on a seasonally adjusted basis, while temporary help services employment increased by +6,600 jobs. The unemployment rate increased to 3.9%, from 3.8% in September.
Employment expanded in most industry groups, with the greatest gains seen in Health and social assistance, which added +77,200 jobs; Government, which added +51,000; and Construction, which added +23,000. Employment declined in the Manufacturing, Transportation and warehousing, Information, Financial activities, and Other services sectors, with the greatest decline being seen in the Manufacturing sector, which fell by -35,000.
The change in total nonfarm payroll employment for August was revised down by 62,000 to +165,000, and the change for September was revised down by 39,000 to +297,000. With these revisions, employment in August and September combined is 101,000 lower than previously reported. The change in temporary help services employment in August was revised up from a loss of -13,300 to a loss of -10,100, and the previously estimated decline