United States: Payrolls exceed expectations
November 2, 2012
In October, non-farm payrolls advanced by 171,000, which was up from the revised 148,000 increase observed in August (previously reported: 114,000 jobs). In addition, the figure widely exceeded market expectations, which had anticipated payrolls rising by 125,000. The private sector was entirely responsible for new hiring by adding 184,000 jobs, with professional and business services as well as retail trade recording the largest gains. The public sector, on the other hand, shed 13,000 jobs, following the negative trend seen throughout most of the past two years. The monthly figure marks the 25th consecutive month with gains in non-farm payrolls and the U.S. economy has now recovered 4.3 million jobs since February 2010, which marked the trough of the crisis in the labour market. That said, despite the improvement seen in the past two years, the economy still remains 4.4 million jobs below the peak reached in January 2008. Meanwhile, the unemployment rate which derives from a different survey inched up from 7.8% in September to 7.9% in October. The figure reflected a sharp increase in the overall labour force, as the level of employed workers rose as well but at a milder pace.