Skip to main content

Economy adds 261,000 jobs in October

The U.S. economy added 261,000 jobs in October and the unemployment rate dropped to 4.1 percent.

The Bureau of Labor Statistics said employment rose sharply in food services and drinking places. Jobs declined in those segments in September, reflecting the effect of hurricanes Harvey and Irma.

The government revised its reports for August and September upward by a total of 90,000 jobs.

Average hourly earnings for all employees on private nonfarm payrolls fell by one cent, to $26.53, after rising by 12 cents in September, the government said. During the past 12 months average hourly earnings have increased by 63 cents, or 2.4 percent.

"Today's report, albeit a little bit mixed, is still a relatively decent number. It still points towards the positive trend that we've seen in payroll growth over the last several months and the last couple of years, actually," Tony Bedikian, head of global markets at Citizens Bank, told CNBC. "In general, the economy is moving along, though a little softer than many market participants anticipated."

MarketWatch said the median forecast of economists was for a gain of 325,000 jobs.

In October the number of long-term unemployed (people out of work for 27 weeks or more) was little changed, at 1.6 million, and they accounted for 24.8 percent of the unemployed, the government said.

The government also said the number of people who were employed part time for economic reasons declined by 369,000, to 4.8 million, in October. Those people were working part time because their hours were cut or because they couldn’t find full-time jobs.

The labor force participation rate decreased by 0.4 percentage point, to 62.7 percent in October, but has shown little net movement during the past 12 months, the government said.

The employment-population ratio declined by 0.2 percentage point during the month, to 60.2 percent, after increasing by 0.3 percentage point in September.

Related

AdobeStock_131758074

Rays of Light

A key indicator of U.S. consumer confidence rose for the first time in four months in August as the economy added 315,000 jobs.

1_YANMAR

Yanmar Announces Sales, Marketing Hires

The company has hired Bas Eerden as global sales manager and Michele Durkin as global marketing manager.

AdobeStock_99701994

So, You Want To Be a Yacht Broker

Tips to help build a network through an online presence which is essential to success

1_HURRICANE.IAN

Ian Explodes into Category 4 Hurricane

The historic hurricane is expected to make landfall this afternoon between Naples and Venice, Fla.

1_PREMIER.MARINE

Premier Marine Announces New Minnesota Facility

The pontoon builder recently completed a 150,000-square-foot building with new corporate offices and expanded manufacturing facilities.

1_SCOUT.BOATS

Scout Boats Recognizes Top Dealers

Seven Seas Yacht Sales of Ft. Lauderdale, Fla., was recognized as the boatbuilder’s top dealer worldwide.

1_TOWBOAT.PINK

TowBoatUS Vessels Go Pink

Five of TowBoatUS’s response fleet are going pink for the month of October to help increase breast cancer awareness on the water.

1_BTN.CHART

Fork in the Channel

Boat registration totals for July mostly revealed considerable weakness compared with a year earlier, and tumbled back into a steeper downtrend than the prior month’s comparisons.

1_PULSE1

Inflation Stymies Boat Sales

Inventories of new and used boats are improving at the retail level but are still considered comparatively lean, according to the results of the monthly Pulse Report survey.