Gov’t reports 638,000 in job gains, the lowest rise since May

first_imgAs was the case with the Great Recession, some workers took years to fully recover economically and some never did. – Advertisement – While the rise from the depths of six months ago has been significantly better than expected, the Service industries—the bulk of the economy—nearly halted hiring in October, the trade group Institute for Supply Management said earlier this week that the service industries which make up the bulk of the U.S. economy just about ceased hiring in October. The scheduling-software company Homebase reported that small-business payrolls fell in the second half of October. And although some workers are doing fine in the Pandemic Recession, even doing better financially, others are struggling with no good prospects in the immediate future or longer. Without further congressional stimulus directed toward their needs, many of these workers will face even more desperate times. The Wall Street Journal reports:Just months ago, economists were predicting a V-shaped recovery—a rapid rebound from a steep fall—or a U-shaped path—a prolonged downturn before healing began.What has developed is more like a K. On the upper arm of the K are well-educated and well-off people, businesses tied to the digital economy or supplying domestic necessities, and regions such as tech-forward Western cities. By and large, they are prospering.On the bottom arm are lower-wage workers with fewer credentials, old-line businesses and regions tied to tourism and public gatherings. They can expect to bear years-long scars from the crisis. Unemployment rates differ by race and sex. (October percentages in bold; September percentages in [brackets and italics].) Adult men: 6.7% [7.4%]; Adult women: 6.5% [7.7%]; Whites: 6.0% [7.0%]; Blacks: 10.8% [12.1%]; Asians: 7.6% [8.9%]; Hispanics: 8.8% [10.3%]; American Indians: Not counted monthly.• Average hourly earnings of private-sector production and nonsupervisory employees rose in October by 5 cents an hour to $24.82.• Average hourly earnings for all employees on private nonfarm payrolls in October rose 4 cents an hour to $29.50.• Average work week for all employees on nonfarm payrolls remain unchanged at 34.8 hours in October.• The manufacturing work week in October rose by 0.3 hours to 40.5 hours.October job gains and losses for selected categories:Education and health services: 57,000° Health care & social assistance: 79,000Manufacturing: 38,000Professional and business services: 208,000Temporary help services: 108,700Transportation & warehousing: 63,200Financial activities: 31,000Leisure & hospitality: 271,000Information: -3,000Retail trade: 103,700Construction: 84,000Mining and Logging: 1,000Government at all levels: -268,000 Here are more data from the October jobs report:The civilian workforce rose in October by 724,000 after falling by 695,000 in September. The labor force participation rate fell by 0.3 to 61.7%. The employment-population ratio rose 0.8 to 57.4% in October.- Advertisement –center_img It should noted that each monthly jobs report is based on two surveys—of people and of business establishments—taken in the week that includes the 12th of the month. In other words, the information the report is based on is 3 weeks old.Olugbenga Ajilore, a senior economist at the left-leaning Center for American Progress, told The Washington Post Thursday. “The economy is at a very tenuous moment. Because there’s no further fiscal relief, we could go back and have another downturn and a loss in GDP. So a lot of it is very dependent on what the federal government does. The economy is still struggling and a lot of people within the economy are still struggling.”- Advertisement – – Advertisement –last_img

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