- Total non-farm payroll employment increased 128 thousand in October, following an increase of 180 thousand in the previous month, according to the U.S. Bureau of Labor Statistics. Private-sector payrolls increased by 131 thousand in October, while government employment decreased by 3 thousand. In October, notable job gains occurred in food services and drinking places, social assistance, and financial activities. Employment declined in motor vehicles and parts manufacturing due to strike activity. Job growth has averaged 167 thousand per month thus far in 2019, compared with an average monthly gain of 223 thousand in 2018.
- The unemployment rate edged up to 3.6% in October, from 3.5% in September. The unemployment rate was 3.8% in October 2018.
- The number of unemployed increased by 86 thousand to 5.855 million. The number of long-term unemployed (those jobless for 27 weeks or more) decreased by 50 thousand to 1.264 million and accounted for 21.5% of the unemployed.
- The labor force participation rate edged up 0.1 percentage point to 63.3% in October.
- The average workweek of all employees on private nonfarm payrolls held steady at 34.4 hours.
- In October, average hourly earnings of all employees on private nonfarm payrolls increased by 6 cents to $28.18. Over the past 12 months, average hourly earnings were up 3.0%.
- Personal income increased 0.3% in September according to the Bureau of Economic Analysis. Disposable personal income increased 0.3% and personal consumption expenditures increased 0.2%. Real disposable personal income increased 0.3% in September, while real personal consumption expenditures increased 0.2%. The personal consumption expenditures price index (headline index) and the core index both held steady in September. The personal consumption expenditures price index increased 1.3% from September 2018, while the core index also increased 1.7%.
- Real GDP increased at an annual rate of 1.9% in the third quarter of 2019, according to the “advance” estimate by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0%.
- Real final sales of domestic product (GDP less change in private inventories) increased 2.0% in the third quarter, in contrast to an increase of 3.0% in the previous quarter.
- The price index for gross domestic purchases increased 1.4% in the third quarter, compared with an increase of 2.2% in the previous quarter.
- The personal consumption expenditures (PCE) price index increased 1.5%, compared with an increase of 2.4%. Excluding food and energy prices, the PCE price index increased 2.2%, compared with an increase of 1.9%.
- According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 14 of 22 industry groups contributed to the overall 2.0% increase in real GDP in the second quarter. Professional, scientific, and technical services; real estate and rental and leasing; and mining were the leading contributors to the increase in U.S. economic growth in the second quarter of 2019.
This entry was posted on Sunday, November 3rd, 2019 at 11:08 AM and is filed under Key Economic Indicators. You can follow any responses to this entry through the RSS 2.0 feed.
Responses are currently closed, but you can trackback from your own site.