The Unemployment Rate was unchanged at 9.6% in October, matching expectations, after remaining unchanged at 9.6% in September. The number of unemployed persons remained virtually unchanged at 14.8 million. Nonfarm Payrolls, which were expected to increase by 56,000, rose by 151,000 in October, after decreasing by 41,000 in September. Private sector employment increased by 159,000, higher than the 107,000 jobs added in September, which were revised upwards from an originally reported 64,000. This was the highest increase recorded since April. Service-providers added 146,000 jobs, the first such increase since May. Retailers hired 34,900 more people while temporary help services added 34,000 jobs. Healthcare and social assistance employment also increased by 34,000. Employment in construction increased over the month by 5,000, after decreasing by 8,000 in September. Manufacturing employment decreased by 7,000 after declining 2,000 a month earlier. Government employment fell by 8,000 in October, after decreasing by 148,000 in September, largely reflecting the loss of temporary workers hired for Census 2010.The Average Workweek increased by 0.1 hour to 34.3 hours. Average Hourly Earnings increased by 5 cents to $22.73.
Pending Home Sales are expected to increase by 3.0% today at 10:00 AM EST. The Pending Home Sales Index had increased 4.3% in August to an index value of 82.3 following a 5.2% increase in July. The index had decreased by 20.1% on a year-over-year basis.
Consumer Credit figures are to be released today at 3:00 PM EST. Consumer credit had decreased at an annual rate of 1.75% in August. Revolving credit had decreased at an annual rate of 7.25%, and non-revolving credit increased at an annual rate of 1.25%.
Upcoming Releases
Pending Home Sales (11/05 at 10:00 AM EST)
Consumer Credit (11/05 at 3:00 PM EST)
Wholesale Inventories(11/09 at 10:00 AM EST)
Trade Balance (11/10 at 8:30 AM EST)
