Payrolls Expand By Whopping 312,000 As Unemployment Rate Rises To 3.9%

Nonfarm payrolls jumped by 312,000 and the unemployment rate rose by 0.2 PP as the labor force expanded by 419,000.

Initial Reaction

A number of scheduled economic reports did not happen this month due to the government shutdown. Apparently, the BLS is deemed vital.

Job came in at 312,000 but employment only rose by 142,000. The unemployment rate rose by 0.2% because the labor force expanded by 419,000.

Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.

Job Revisions

Seasonally adjusted household survey data have been revised using updated seasonal |adjustment factors, a procedure done at the end of each calendar year. Seasonally |adjusted estimates back to January 2014 were subject to revision.

The change in total nonfarm payroll employment for November was revised up from +155,000 to +176,000, and the change for October was revised up from +237,000 to +274,000. With these revisions, employment gains in October and November combined were 58,000 more than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.) After revisions, job gains have averaged 254,000 per month over the last 3 months.

BLS Jobs Statistics at a Glance

  • Nonfarm Payroll: +312,000 – Establishment Survey
  • Employment: +142,000 – Household Survey
  • Unemployment: +276,000 – Household Survey
  • Involuntary Part-Time Work: -124,000 – Household Survey
  • Voluntary Part-Time Work: +325,000 – Household Survey
  • Baseline Unemployment Rate: +0.2 to 3.9% – Household Survey
  • U-6 unemployment: steady at 7.6% – Household Survey
  • Civilian Non-institutional Population: +180,000
  • Civilian Labor Force: +419,000 – Household Survey
  • Not in Labor Force: -237,000 – Household Survey
  • Participation Rate: +0.2 to 63.1– Household Survey
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