10:16 a.m.
Ben Casselman
What we’re not seeing is a big increase in people coming off the sidelines, either to look for work or to take jobs. Both increased in October, but not the kind of flood that many employers were hoping for.
9:37 a.m.
Talmon Joseph Smith
Amid all this good news on jobs day, Black unemployment rate remains stuck at 7.9 percent.
9:14 a.m.
Ben Casselman
Want a sign that the economy is edging back toward normal? The share of people working from home because of Covid fell to a pandemic low of 11.6% in October. Resumed its decline after stalling out during the Delta wave.
9:08 a.m.
Talmon Joseph Smith
“For the last 25, maybe 30 years, labor has been on its back heels and losing its share of the economic pie,”
Mark Zandi, the chief economist at Moody’s Analytics, told me. “But that dynamic is now shifting.”
9:03 a.m.
Ben Casselman
Big picture: We’re still down about 4.2 million jobs relative to our prepandemic level.
8:53 a.m.
Ben Casselman
Average earnings up another 11 cents an hour in October. Up by $1.44 from a year ago. In leisure and hospitality, specifically, hourly earnings were up 18 cents in October, up $1.92 over the past year.
8:53 a.m.
Neil Irwin
Wow, huge positive revisions to August and September. Combined, +235k jobs for the two months.
8:51 a.m.
Jeanna Smialek
Prime age participation did tick up, but only slightly. Why does this matter? The Fed is uncertain about when and how much these figures might recover. It will be a huge question as they try to figure out what “full employment” means these days.
8:51 a.m.
Jeanna Smialek
Good jobs numbers overall, but the labor force participation rate is still not making big moves. “Unchanged at 61.6 percent in October and has remained within a narrow range of 61.4 percent to 61.7 percent since June 2020.”
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