November 11, 2021
Total nonfarm payroll employment increased by 531,000 in October, as the unemployment rate decreased to 4.6%, according to a report by the U.S. Bureau of Labour Statistics (BLS). BLS mentioned that in October, “notable job gains in leisure and hospitality, in professional and business services, in manufacturing, and transportation and warehousing. Employment in public education declined over the month.”
Leisure and hospitality added 164,000 jobs in October 2021. Employment in professional and business services rose 100,000 while manufacturing increased by 60,000 jobs over the month. Transportation and warehousing added 54,000, construction (+44,000) and healthcare (+37,000). Additionally, employment in mining added 5,000, retail trade added 35,000, other services added 33,000 and financial activities added 21,000. Wholesale trade and information also gained 14,000 and 10,000 jobs, respectively. BLS noted that, “in October, employment decreased in local government education and state government education (-43,000 and -22,000, respectively).”
Notably, the number of persons on temporary layoff stood at 1.1 million in October. The number of permanent job losers was relatively unchanged at 2.1 million. While the number of long-term unemployed (those jobless for 27 weeks or more) declined by 357,000 to 2.3 million. Moreover, the number of unemployed persons who were jobless less than 5 weeks in October stood at 2.1 million.
The labour force participation rate for October stood at 61.6%, while the employment population ratio rose to 58.8%. Nonetheless, persons employed part-time for economic reasons stood at 4.4 million in October. Based on BLS assessment, “these individuals, who would have preferred full-time employment, were working part-time because their hours had been reduced or they were unable to find full-time jobs.”
In October, a total of 1.7 million individuals were slightly attached to the labour force. These persons were not in the labour force, wanted and were available for work, and had looked for a job in the last year. Of the marginally attacheda, 455,000 persons were classified as discouraged workers in October, little changed over the month. These persons are not currently seeking work as they believe no jobs are available for them.
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