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By The Basis Point
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Jobs up. People Working down.

Friday, November 4, 2016 7:59
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BLS Employment Situation Report (October 2106)

– Nonfarm Payrolls month/month 161,000. Previous was 191,000
– Unemployment Rate 4.9%. Previous was 5.0%
– Private Jobs month/month 142,000. Previous was 188,000
– Labor Participation Rate 62.8%. Previous was 62.9 %
– Average Hourly Earnings month/month +0.4%. Previous was +0.3%
– Average Workweek All Employees 34.4 hours. Previous was 34.4 hours

These are “just keeping pace with population growth” numbers. The monthly Private Jobs is weak.

If you go to FRED at the St. Louis Fed  you can see that the number of multiple job holders is October was 8,050,000 up from 7,846,000 in
September. If those numbers are accurate the it is the case that the number of people working actually declined. The BLS Establishment survey counts jobs not people working. The entire
increase in the headline is due not to more people working but to more people holding more than one job.

Trade Deficit (October 2016)

– Trade Balance $36.4 billion. Previous was $40.5 billion


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