If not for the government, it would have been a negative payroll print.
The October surprise may have arrived – albeit at the beginning of November. No, it was not some off-color remark or damning photo. Instead, it was a worse-than-expected October jobs report, from downward revisions to collapsing employment levels. The one golden nugget of today’s economic landscape may have cracked open.
Surprise! October Jobs Report
In October, the US economy added just 12,000 new jobs, falling far short of the consensus estimate of 113,000. While the establishment survey, which counts every job an individual has, revealed a tepid increase in employment levels, the household portion, which omits duplication, revealed 368,000 lost jobs.
The unemployment rate was flat at 4.1% for the second consecutive month. Average hourly…
