171,000 New Jobs In October

A blog about business and economics.
Nov. 2 2012 9:27 AM

171,000 New Jobs In October Amidst Signs of a Strengthening Recovery

Today's jobs report is full of good news relative to the past three years of diminished expectations. In the establishment survey, the economy added 171,000 jobs in October and more importantly revisions to the September and August data gave us another 84,000 jobs.

The revisions are always really really important here. The initial read on August was dismal, but now that it's been revised twice it looks great at 192,000 extra jobs. Initial estimates of the employment level come with a 95 percent confidence interval of plus or minus 100,000 jobs which means that the initial estimate of the change in the employment level is incredibly fuzzy. Everyone would like a fantastic real time indicator of the labor market, but the BLS can't really give it to us. What we really know for sure today is that August saw huge employment growth. There are hints of more good news from September and October but it's hard to be sure.

On the household survey, the unemployment rate inched up ever so slightly while the employment:population ratio also rose. In other words, the household survey shows some people re-joining the labor force in the context of growing employment.

Matthew Yglesias is the executive editor of Vox and author of The Rent Is Too Damn High.

TODAY IN SLATE

Medical Examiner

The Most Terrifying Thing About Ebola 

The disease threatens humanity by preying on humanity.

I Bought the Huge iPhone. I’m Already Thinking of Returning It.

Scotland Is Just the Beginning. Expect More Political Earthquakes in Europe.

Students Aren’t Going to College Football Games as Much Anymore

And schools are getting worried.

Two Damn Good, Very Different Movies About Soldiers Returning From War

The XX Factor

Lifetime Didn’t Think the Steubenville Rape Case Was Dramatic Enough

So they added a little self-immolation.

Politics

Blacks Don’t Have a Corporal Punishment Problem

Americans do. But when blacks exhibit the same behaviors as others, it becomes part of a greater black pathology. 

Why a Sketch of Chelsea Manning Is Stirring Up Controversy

How Worried Should Poland, the Baltic States, and Georgia Be About a Russian Invasion?

Trending News Channel
Sept. 19 2014 1:11 PM Watch Flashes of Lightning Created in a Lab  
  News & Politics
Weigel
Sept. 20 2014 11:13 AM -30-
  Business
Business Insider
Sept. 20 2014 6:30 AM The Man Making Bill Gates Richer
  Life
Quora
Sept. 20 2014 7:27 AM How Do Plants Grow Aboard the International Space Station?
  Double X
The XX Factor
Sept. 19 2014 4:58 PM Steubenville Gets the Lifetime Treatment (And a Cheerleader Erupts Into Flames)
  Slate Plus
Slate Picks
Sept. 19 2014 12:00 PM What Happened at Slate This Week? The Slatest editor tells us to read well-informed skepticism, media criticism, and more.
  Arts
Behold
Sept. 21 2014 11:00 AM Sometimes You Just Need to Print Your Photos the Old-Fashioned Way 
  Technology
Future Tense
Sept. 19 2014 6:31 PM The One Big Problem With the Enormous New iPhone
  Health & Science
Bad Astronomy
Sept. 21 2014 8:00 AM An Astronaut’s Guided Video Tour of Earth
  Sports
Sports Nut
Sept. 18 2014 11:42 AM Grandmaster Clash One of the most amazing feats in chess history just happened, and no one noticed.