Profile image
By Ed Dolan (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

US Adds 204,000 Jobs in October Despite Government Shutdown

Friday, November 8, 2013 16:00
% of readers think this story is Fact. Add your two cents.

The Bureau of Labor Statistics today released its report on the October employment situation. Observers who have been apprehensive about the impact of the partial government shutdown will find the headline numbers surprisingly good. Nonfarm payroll employment increased by 204,000 jobs. The unemployment rate was up, but only by a whisker, rising from 7.24 to 7.28. However, for a number of reasons, these numbers do not fully reflect the impact of the shutdown on the economy.

Let’s begin with the payroll numbers, where the explanation is fairly simple. Payroll jobs are based on a survey of employers. They report how many employees worked or received pay for the pay period that included a certain reference date, in this case October 12th. Even though the reference date fell during the shutdown, all federal workers, whether on furlough or not, met this requirement, thanks to the generosity of Congress, who decided to award them back pay for days not worked. For that reason, the shutdown had no effect on the number of federal payroll employees. There could well have been effects in the private sector, for example, if a hotel near a national park sent workers home for the season who otherwise would have stayed through the end of October, but those effects were evidently small.


What is more, payroll job numbers for August and September were revised upward by a total of 60,000 jobs. When we take both the new data and the revisions into account (as shown in the following chart), recent payroll numbers do not look at all bad. The 605,000 job gain over the three months from August through October is a healthy improvement from the 452,000 for May through June. (Of course, the September and October numbers are still subject to final revision, so this result could change.) >>>Read more

Follow this link to view or download a classroom-ready slideshow with complete charts of the latest employment situation



Source: http://dolanecon.blogspot.com/2013/11/us-adds-204000-jobs-in-october-despite.html

We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

Top Global

Top Alternative

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.