Because more complete data become available over time, the Bureau of Labor Statistics includes in each of its monthly jobs report revisions of the count for the previous two months. Friday’s report revised September’s count of new jobs from 134,000 to 118,000 and August’s from 270,000 to 286,000.
The BLS reported that average hourly wages have risen 83 cents over the 12-month period from October 2017, or 3.1 percent. That is the best showing since the economy began expanding nine and a half years ago. As of last month, the annual rate of Inflation is running at 2.3 percent. While that’s good news for workers, it may give investors reason to worry about inflation, which could affect the currently volatile stock market.
The civilian workforce fell by 711,000 after rising by 150,000 in September and falling 469,000 in August. The labor force participation rate rose to 62.9 percent in October. The employment-population ratio rose to 60.6 percent.
Each monthly BLS jobs report bases the job count on the Current Employment Survey of 147,000 business establishments and the unemployment rate on the Current Population Survey of 60,000 households. The final day of surveying usually falls around the 12th of each month, which means data in this month’s jobs report actually measure jobs gained in the last part of September and the first part of October.
Here are some more details from the October jobs report:
Unemployment rates differ by race and sex. [Percentages in brackets are for September]. Adult men: 3.5 percent [3.4]; Adult women: 3.4 percent [3.3]; Whites: 3.3 percent [3.3] ; Blacks: 6.2 percent [6.0]; Asians: 3.2 percent [3.5]; Hispanics: 4.4 percent [4.5]; American Indians: (not counted monthly).