PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Monster Jobs Report for October

By at 2 November, 2018, 1:36 pm

by Raymond J. Keating-

The jobs data served up by the Bureau of Labor Statistics combined for a monster positive employment story for October.

The establishment survey showed that total nonfarm payrolls increased by 250,000, including a 246,000 gain in the private sector. Total payrolls increased by 2.5 million over the past year, and private payrolls were up by 2.45 million.

And the news from the household survey – which better reflects startup and small business activity, and offers key employment-related data – was even better. Consider the following:

● The labor force jumped by 711,000 in October. Over the past year, the labor force has grown by 2.3 million.

● As a result, the labor force participation rate increased from 62.7 percent in September to 62.9 percent in October.

● Employment gains in October equaled 600,000. And over the past year, employment was up by 2.7 million.

● The employment-population ratio increased from 60.4 percent in September to 60.6 percent in October. That 60.6 percent was the highest employment level since January 2009. (The following graph from the Federal Reserve Bank of St. Louis, FRED, shows the employment-population ratio from January 2009 to October 2018.)

The October jobs report speaks well of solid economic growth continuing into the fourth quarter.

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Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council.

Keating’s latest book published by SBE Council is titled Unleashing Small Business Through IP:  The Role of Intellectual Property in Driving Entrepreneurship, Innovation and Investment and it is available free on SBE Council’s website here.

 

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