Top-line job growth number distorted by hurricanes and strikes: All other data point to a historically strong labor market
Below, EPI economists offer their insights on the jobs report released this morning for October.
From EPI president Heidi Shierholz
The topline BLS numbers show the labor market added 12,000 jobs in October – a much lower number than what we've been seeing in recent months, due to people being temporarily off the job because of hurricanes and strikes. 1/
— Heidi Shierholz (@hshierholz) November 1, 2024
But even including the distorted October number, job growth over the last year has been 181,000 per month on average, an extremely healthy pace. 3/
— Heidi Shierholz (@hshierholz) November 1, 2024
Black unemployment – while still too high due to the impact of systemic racism on the labor market – is also close to historic lows, at 5.7% (this compares with 6.1% on average in 2019). 5/
— Heidi Shierholz (@hshierholz) November 1, 2024
The prime age labor force participation rate, at 83.5% in October, also remains well above its 2019 average of 82.5%. 7/
— Heidi Shierholz (@hshierholz) November 1, 2024
On this last #JobsDay before the election, the verdict is unambiguous: The labor market is incredibly strong relative to any historical benchmark. Whoever wins on Tuesday will start their presidential term with a robust, resilient economy. 9/ https://t.co/ygjGLV479N
— Heidi Shierholz (@hshierholz) November 1, 2024
From EPI chief economist Josh Bivens
Just tapping the sign here about today's totally-expected and not-really-worrying jobs report: https://t.co/pVhnGdGsrF
— Josh Bivens (@joshbivens_DC) November 1, 2024
"But the pandemic…", well, yeah, but that's kind of the point here, right?
— Josh Bivens (@joshbivens_DC) November 1, 2024
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