The pace of hiring in October remains consistent with the moderate GDP performance and reflects the protracted US economic recovery. Similar to prior months, private-sector firms added jobs in professional and business services, leisure and hospitality, and healthcare.
The headline unemployment rate edged down, but has made little progress recently, fluctuating within a narrow band since earlier this year.
The average workweek has held constant, reflecting no acceleration in the number of hours worked over the past 12 months. Consequently, this slack in the labor markets creates little upward pressure on hourly earnings, which currently trails the pace of consumer price inflation and suggests less real take home pay and weaker discretionary spending.