The U.S. added 261,000 jobs in October, a bounce-back from September’s hurricane-impacted slowdown, and the country’s unemployment rate dropped to 4.1%, the U.S. Bureau of Labor Statistics reported Friday.
Upward revisions to previous jobs reports make October the 85th consecutive month of job growth.
Here’s how some economists reacted on Twitter.
#Jobs Numbers Rebounded in October Following Hurricane-Related Weaknesses in September https://t.co/mv0IlZuOev #manufacturing #employment pic.twitter.com/JcKlHbZx8L
— Chad Moutray (@chadmoutray) November 3, 2017
Solid payroll gains, even adj for hurricanes. But mixed report. Unemp down due to labor force decline and once again, bupkis for wg growth.
— Jared Bernstein (@econjared) November 3, 2017
The nominal wage growth rate fell a disappointing .4% from last month. https://t.co/6uP4CnChzH #jobsreport pic.twitter.com/rUibLlpO3x
— Economic Policy Inst (@EconomicPolicy) November 3, 2017
Big rebound in leisure & hospitality jobs in October, reversing Sept drop. Would have expected bigger jump in construction, though. pic.twitter.com/ZNDvZMx2hy
— Jed Kolko (@JedKolko) November 3, 2017
The prime-age employment-to-population ratio is still far below levels expected in a stronger economy. pic.twitter.com/jKprCTv6Uj
— Elise Gould (@eliselgould) November 3, 2017
Labor force participation fell to 62.7%, lower than the 62.8% a year ago. This isn't a rogue month--it's roughly been at or under 63% since 2013.
— Betsey Stevenson (@BetseyStevenson) November 3, 2017
Prime-age EPOP still 1.4 ppts below where it was in early 2007. That represents 1.8 million prime age workers essentially on the sidelines.
— Heidi Shierholz (@hshierholz) November 3, 2017
All told, it’s clear that we are still not at full employment, and the Federal Reserve should keep interest rates low until we are.
— Elise Gould (@eliselgould) November 3, 2017
Janet Yellen will be missed. Agree or disagree on tactics, she was an excellent @federalreserve Chair by any standard.
— Lawrence H. Summers (@LHSummers) November 3, 2017
