Job growth soared in October, although some economist just believe it shows a "bounce-back" from the hurricanes in September. Although the average work week stayed at 33.8 hours, professional and business services and retail sectors were adding the jobs while there was a job loss in manufacturing. Also, there was an increase of hiring in the construction sector but many are doubtful that it will continue. Interestingly, average pay also increased by 5 cents an hour. Why is labor increasing? Will it continue? What is making more business hire at an increased rate while the amount of hours worked is staying the same?
-1 for spelling mistakes in Miles' post and Maudi's comment.
ReplyDeleteToo much is made of monthly employment data like this. The fluctuations from month-to-month are just too large. We should be looking at something like a moving-average (and experienced people do). But you can't get the media to pick up on that.