US job market report for October was a disaster
Employment would have been negative if not for historic data adjustments
In October, the US economy officially created just 12,000 jobs, according to the Bureau of Labor Statistics (BLS) estimates released Friday, 1st of November. This was way above Wall Street’s expectations of 100,000 jobs addition. The unemployment rate remained unchanged at 4.1%, in line with forecasts.
If you have read my previous pieces you already know that these are preliminary estimates and will be substantially revised over time.
Most recently, there have also been some other weirdly high adjustments which I touched on in the previous job market analysis.
This piece is an update to the above article explaining further what is happening in the US job market using the most recent data from October. The story is getting uglier every month despite people trying to justify it with hurricanes, strikes, and other excuses.
JOB DOWNWARD REVISIONS CONTINUE TO BE MASSIVE, PRIVATE SECTOR EMPLOYMENT HAS BEEN DECLINING