The country added 214,000 net new jobs and the headline seasonally adjusted unemployment fell to 5.8 percent. Long-term joblessness, those looking for 27 weeks or longer plunged to 2.9 million, and unadjusted unemployment fell to 5.5 percent.
Other secondary measures changed little or not at all. The labor force participation rate and the employment to population ratio came in at 62.8% and 59.2% respectively. There were 7.0 million people working part-time for economic reasons, or wanting full time work and not finding it, the same as in September.
Two developments were worthy of concern. Those wanting work but not looking for the past year grew over 150,000 to 3,350,000. The job groups with the largest gains in employment were food services, drinking places, retail trade and health care, at least 3 of which are full of low-paying positions.
Overall, the American Job Shortage Number, or AJSN was down 135,000, as follows:
|Total||Latent Demand %||Latent Demand Total|
|In School or Training||229,000||50||114,500|
|Ill Health or Disability||131,000||10||13,100|
|Did Not Search for Work In Previous Year||3,350,000||80||2,680,000|
|Not Available to Work Now||580,000||30||174,000|
|Do Not Want a Job||85,919,000||5||4,295,950|
|Non-Civilian, Institutionalized, and Unaccounted For, 15+||9,514,318||10||951,432|
The turtle is still moving forward.
Thanks to my wonderful wife Mary for being my eyes, on which I had surgery, this week.