Article source: ConstructConnect
A month ago, the Employment Situation report from the Bureau of Labor Statistics (BLS) reported a U.S. total jobs-count increase during September of +263,000. Now, for the month of October, a nearly identical change in total employment has been estimated by the BLS, +261,000 jobs. (By the way, September’s figure has just been revised to +315,000.)
These are strange times indeed. The Federal Reserve isn’t being shy about its intentions. Using the blunt instrument of interest rates, it intends to bring the economy to the edge (or beyond) of recession, to put a stop to too-rapid price inflation.
So far, the impact on the U.S. labor market has been minimal. The most recent initial jobless claims number, for the week ending October 29, stayed exceptionally low at 217,000. The seasonally adjusted (SA) unemployment rate currently sits at 3.7%; the not seasonally adjusted (NSA) U rate at 3.4%. Both levels indicate a demand for workers well in excess of supply.
