Total nonfarm payroll employment increased by 150,000 in October, and the unemployment rate changed little at 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, government, and social assistance. Employment declined in manufacturing due to strike activity.
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The change in total nonfarm payroll employment for August was revised down by 62,000, from +227,000 to +165,000, and the change for September was revised down by 39,000, from +336,000
to +297,000. With these revisions, employment in August and September combined is 101,000 lower than previously reported.
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With the continuing recovery from the pandemic (many teachers not in workforce during the worst of it) and the effects of the mega fiscal bills, some $5 Trillion or so, the latest of which, The American Rescue Plan has yet to be completely spent, it is difficult to restrain the excess in the economy but maybe the Fed's tightening is finally having an effect.
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