The U.S. economy added 261,000 jobs in October while the unemployment rate fell again to 4.1%, according to the latest figures from the Bureau of Labor Statistics.
This is the lowest unemployment rate since December 2000.
Wall Street was looking for a big bounce back for the labor market in October after the Hurricane-impacted figures we saw in September. September’s numbers were also revised up to show gains of 18,000 after having been previously estimated to decline by 33,000.
With regard to the employment numbers today, from The New York Times:Economists were looking for job gains of 313,000 in October with the unemployment rate set to hold at 4.2%, according to estimates from Bloomberg.
The October report was more mixed.
The unemployment rate fell further, to 4.1 percent. The labor force, however, fell by 765,000. The labor force is fighting against a strong demographic headwind: the retirement of the baby boom generation. The participation rate — the share of adults who are either working or actively looking for work — is near multi-decade lows, largely because of the aging population.
In recent months, however, the participation rate had begun to edge back up, as the strong job market drew idle workers off the sidelines. Mr. Ryan said Friday’s report suggested that there simply aren’t many workers left to attract.Tell me again "there simply aren't many workers left to attract." This headline from CNS:
95,385,000: Record Number Not in Labor Force; Participation Rate Falls to 62.7%Labor participation rate falls to less than 63% and there are a record number of Americans NOT in labor force.
The self-ordering kiosks in McDonald's and other fast food restaurants will free up millions of folks still willing to work.