On today's' employment report:
October Jobs Growth Pushes Unemployment Rate Down to 5.0 Percent, by Dean Baker: Manufacturing wages have risen by just 2.0 percent over the last year. The Labor Department reported the economy added 271,000 jobs in October, with all but 3,000 of these jobs in the private sector. This is a sharp bounce back from the prior two months when private sector job growth averaged just 137,000. This job growth was sufficient to push the unemployment rate down slightly to 5.0 percent. While the employment-to-population ratio edged up slightly to 59.3 percent, it is still below the 59.4 percent high for the recovery. The labor force participation rate is actually down 0.4 percentage points from its year-ago level. ...
After a discussion of the details of the report, he concludes:
In short, this is a much positive report than we saw in the prior two months. However, there is much in the report that indicates there is a still a large amount of slack in the labor market.
And one more from Calculated Risk:
Total nonfarm payroll employment increased by 271,000 in October, and the unemployment rate was essentially unchanged at 5.0 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, retail trade, food services and drinking places, and construction. ... The change in total nonfarm payroll employment for August was revised from +136,000 to +153,000, and the change for September was revised from +142,000 to +137,000. With these revisions, employment gains in August and September combined were 12,000 more than previously reported. ... In October, average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents to $25.20, following little change in September (+1 cent). Hourly earnings have risen by 2.5 percent over the year. ...
Again, after looking at the details within the report, he concludes:
This was well above expectations of 190,000 jobs, and revisions were up, and there was a pick up in wage growth ... a strong report.