The Hidden Booming Economy
Last Friday, from the U.S. Bureau of Labor Statistics (BLS),
Total nonfarm payroll employment rose by 165,000 in October, and the unemployment rate changed little at 4.1 percent.
And by “changed little,” they mean the unemployment rate actually fell last month. You may be surprised to hear that at 4.1 percent, the rate is now below the average rate during the Biden Administration, which we were to understand represented the greatest boom times in American history.
The unemployment rate was down and jobs were up, beating even the highest pre-announcement Wall Street estimate by 40,000 jobs. And because it no longer matters for the midterms, we can finally learn what really happened in recent months,
The change in total nonfarm payroll employment for August was revised up by 53,000, from +133,000 to +186,000, and the change for September was revised up by 31,000, from +29,000 to +60,000. With these revisions, employment in August and September combined is 84,000 higher than previously reported.
Huh. How about that. BLS states, “Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates.” Must have gotten lost in the mail.
Federal government jobs were again down for the month and for the year (Table B-1).
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