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October 2007 U.S. Jobs Report

A pleasant surprise with a more robust addition of jobs in the economy with 166,000 compared to the estimated 80,000.

The numbers from August was increased (minimally) for the second time while the September number was moved down by 14,000 for a net loss of 10,000.

There was a note regarding the wildfires in California:

The Southern California wildfires and resulting evacuations had no discernable impact on the October payroll and household survey estimates.

Just as the August number of -4,000 seemed off at the time so does this months +166,000. Can the financial service folks really be adding that many jobs? I dunno, I doubt it.

The economy while moving along slowly is still moving in the right direction. Slow and steady is good by me.

Average hourly earnings of production and non supervisory workers on private non farm payrolls increased by 3 cents, or 0.2 percent, in October to $17.58, seasonally adjusted.

National job gains, previous 13 months:

  • October ’07 166,000 (first reported) 80,000 (consensus)
  • September ’07 96,000 (revised) 110,000 (first reported) 113,000 (consensus)
  • August ’07 93,000 (revised again) 89,000 (revised) -4,000 (first reported) 110,000 (consensus)
  • July ’07 93,000 (revised again) 68,000 (revised) 92,000 (first reported) 125,000 (consensus)
  • June ’07 69,000 (revised again) 126,000 (revised) 132,000 (first reported) 130,000 (consensus)
  • May ’07 165,000 (revised again) 190,000 (revised) 157,000 (first reported) 150,000 (consensus)
  • April ’07 122,000 (revised again) 80,000 (revised) 88,000 (first reported) 100,000 (consensus)
  • March ’07 175,000 (revised again) 177,000 (revised) 180,000 (first reported) 168,000 (consensus)
  • February '07 113,000 (revised) 97,000 (first reported) 110,000 (consensus)
  • January '07, 162,000 (revised again) 146,000 (revised) 111,000 (first reported) 145,000 (consensus number)
  • December ’06, 206,000 (revised) 167,000 (first reported)
  • November '06, 196,000 (revised again) 154,000 (revised) 132,000 (first reported) 110,000 (consensus number)
  • October '06, 86,000 (revised again) 79,000 (revised) 92,000 (first reported) 160,000 (consensus number)

National unemployment rates, previous 13 months:

  • October ‘07, 4.7%
  • September ’07, 4.7%
  • August ’07, 4.6%
  • July ’07, 4.8%
  • June ’07, 4.5%
  • May ’07, 4.5%
  • April ’07, 4.5%
  • March ’07, 4.4%
  • February '07, 4.5%
  • January '07 4.6%
  • December '06, 4.5%
  • November '06, 4.5%
  • October '06, 4.4%

Click Employment & Economic Statistics for previous posts on the topic and MN Headhunter for the latest blog posts.

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