204,000 jobs added in October; unemployment rate rises to 7.3 percent
Share Now on:
The latest jobs report defied expectations this morning: payrolls grew by 204,000 people in October, contrary to the 120,000-figure forecasted by surveyed economists. Does this mean the labor markets emerged from the government shutdown unscathed?
Julia Coronado, chief economist at BNP Paribas, warns that while the Bureau of Labor Statistics report indicates strength, we should keep in mind that the government shutdown seriously disrupted data collection.
“I think we need to get a couple more months of data under our belts before we draw conclusions about what the trends are,” she says.
Plus, looking at the parallel survey of households, the unemployment rate climbed from 7.2 to 7.3 percent. And participation fell, which Coronado notes is usually a negative sign.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.