The report for September unemployment shows slow growth but positive details.
The report has a couple of positive highlights: A drop in Black unemployment, some upward revisions of non farm payrolls, hiring in education and temp help sectors and an increase in private employment index. The big news was a near 1% drop Black unemployment rate now 15.1%. The second high light was the major upward revision (plus 50%) for non farm payrolls for August(57,000 to 104,000) and September (103,000 to 158,000).
Non farm payrolls increased 80,000 (104,000 private jobs offset by a loss of -24,000 public jobs). However, 80K is below the new benchmark of 100K jobs, so the report is rates as “poor”.
The rate itself moved down to 9.0%. The rate has been stuck at approximately 9.0% for the whole year. It has bounced around between 8.8% and 9.2% since January, 2011.
Politically, the house republicans continue to block any stimulus measures. The Fed has said it will keep interests rate at zero for the next two years. Banks continue to be reluctant to lend.
The overall unemployment rate was 9.0% and the Black unemployment rate stayed at 15.1%. The rate for Whites (8.0%) and Hispanics (11.4%) was little changed.
The long-term unemployed dropped by 366,000 to 5.9 million (42.4% of total). The part-time employed for economic reasons rose to 8.9 Million and the marginally attached stayed the same at 2.6 Million.
Non farm payroll employment increased by 103,000 jobs with growth in business services, education and transportation and utilities. Health care added only 16,000 jobs. There was good news in two future oriented sectors: education (long-term ) at 11,000 and temp help (short term) added 15,000.
Average work week was unchanged and wages by $0.05 cents in October following a $0.06 raise in September. The employment diffusion index (a hiring signal) was still positive (55.4) but down 0.2.
There was some good news on revisions. August NFP was raised from +57K to +104K and September NFP was raised from 103K to 158K.
ADP reported a 110,000 payroll increase and also revised upward, it’s August to September number to 116,000 payroll jobs.
Monster Employment Index increase to 151, up 11% compared to last year and up 2% for the month. Monster said the index was pushed up by retailers hiring temporary workers for an early Christmas season.
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