ECON: NFP Much Stronger Than Expected, Upward Revisions
- October NFP +171k vs +125k Consensus
- September revised up to 148k from 114k
- August Revised up to 192k from 142k
- UNR 7.9 vs 7.9 Consensus
- Labor Force Participation rate increased from 63.6 to 63.8
- Private Payrolls +184k vs +125k consensus
Total nonfarm payroll employment increased by 171,000 in October. Employment growth
has averaged 157,000 per month thus far in 2012, about the same as the average monthly
gain of 153,000 in 2011. In October, employment rose in professional and business
services, health care, and retail trade.
The change in total nonfarm payroll employment for August was revised from +142,000 to
+192,000, and the change for September was revised from +114,000 to +148,000.
Both the unemployment rate (7.9 percent) and the number of unemployed persons (12.3
million) were essentially unchanged in October, following declines in September.