US non-farm payrolls growth undershot lofty expectations in October with an increase of 214k reported. The reading was below the upwardly-revised 256k pace of September and expectations for a gain of 235k and was the second-lowest increase of the past 6 months. Despite the miss on payrolls growth and an uptick in participation to 62.8%, the national unemployment rate fell to 5.8% from 5.9%, a level last seen in July 2008.

US participation - Oct 2014 (1)

Keeping with the established theme, the rest of the release was ok without being outstanding with hourly wages ticking up 0.1%, below expectations for a gain of 0.2%, while the underemployment rate slid to 11.5% from 11.8%, a level last seen in September 2008.

US hourly earnings - Oct 2014US underemployment - Oct 2014

The employment-to-population ratio rose by 0.2% to 59.2%, some 1.0% above the level of a year earlier, while the number of persons employed part time for economic reasons fell by 76k to 7.027m.

US emptopop- Oct 2014US economic reasons - Oct 2014

Elsewhere the average work week ticked up to 34.6 hours, the highest level seen since May 2008 and a good sign for hiring prospects ahead, while the separate household survey logged an increase in household employment of 683k, the largest gain seen this year.

US workweek - Oct 2014US househnold survey- Oct 2014

http://www.bls.gov/news.release/pdf/empsit.pdf

 

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