U.S. Bureau of Labor Statistics announces decline in unemployment rate from 7.9% to 6.9% over the last month, beats expectations

[beautybarb]

Total nonfarm payroll employment rose by 638,000 in October, and the unemployment rate
declined to 6.9 percent, the U.S. Bureau of Labor Statistics reported today. These
improvements in the labor market reflect the continued resumption of economic activity
that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain
it. In October, notable job gains occurred in leisure and hospitality, professional and
business services, retail trade, and construction. Employment in government declined.

Per Yahoo: Unemployment rate was expected to decline to 7.6% over the month.

 

[resjudicata]

@beautybarb How many are back to full time and full pay?

 

[dmtboi]

@resjudicata In 4 replies. Is there any way that we could find this out?

 

[koolkid]

@dmtboi https://www.bls.gov/news.release/pdf/empsit.pdf

In October, the number of persons who usually work full time rose by 1.2 million to 123.6 million, and
the number who usually work part time increased by 1.0 million to 26.2 million. (See table A-9.)

 

[dmtboi]

@koolkid So this looks like good news....

 

[koolkid]

@dmtboi yeah

 

[johnklok]

@koolkid Does it though? Isn’t full time vague? Like what happens if Starbucks employs 20,000 full time employees, McDonalds 20,000, etc. Formerly salaried people are now underpaid by comparison.

 

[koolkid]

@johnklok 1.2 Million more people being able to work full time when they werent able to previously is a good thing. If you want to find an actual statistic about how a huge percentage of those newly employed people are overqualified for their new jobs we can have conversation about it.

 

[ej2018]

@koolkid

1.2 Million more people being able to work full time when they werent able to previously is a good thing.

Depends how you are looking at it. In some ways yes. In others, no.

 

[bogle]

@ej2018 What are the "no" ways?

 

[ej2018]

@bogle If they were making 60 grand+ a year before (full time) and were laid off, only to get a new full time job but it only pays 20g-30g grand a year, that really isn't a good thing. Yes, at least they have a job but still. So saying that it's good news that x amount of people who worked full time but were laid off, are now working full time again...doesn't tell the whole story.

If their quality of life or salary has significantly decreased it doesn't really matter that they are working full time again.

 

[sophiamary]

@ej2018 Provide the statistics for your wild speculation.

 

[ej2018]

@sophiamary Lol "wild"

So you are saying that person that regained employment makes the same amount of money or more than they did before? No one had to result to taking a significantly lower paying job?

 

[resjudicata]

@johnklok What you are describing is called underemployment. You can look in the report for that.

 

[xereco]

@koolkid Additionally, 34k left the workforce including 7k discouraged workers in October (702k left the workforce and 262k discouraged workers compared to last year).

 

[thika]

@koolkid ....and what are the continuing claims?

 

[johnm1967]

@resjudicata In Florida at least extended unemployment just ran out for most who filed in March/April so they dropped off

 

[antonio2131]

@beautybarb Nice.

 

[charlly]

@antonio2131 nice

 

[shirin]

@charlly Nice.