SG: Eco Analysis - US Employment Report: Don't be misled by the October prints (B. Jones)

Eco Analysis - US Employment Report: Don't be misled by the October prints (B. Jones)
2011.11.04 06:34 AM

■ October job gains failed to match our forecasts, but revisions placed levels even higher

The Bureau of Labor Statistics (BLS) reported that nonfarm payrolls climbed by 80K in October, or by 104K after adjusting for continued pink-slipping by governmental entities. While last month's payroll gains failed to meet our and the Street's expectations, significant upward revisions to the previously reported figures for August and September actually left the October tallies well above projected levels. August was almost doubled from 57K to 104K, while another 55K jobs were added to the original 103K September estimate. It is worth nothing that this is the second consecutive report that saw the BLS' prior projections boosted about roughly 100K jobs.