October Payrolls Soar By 204,000, Nearly Double Expected Print; Unemployment Rate Rises To 7.3%

So much for all the fire and brimstone associated with the government shutdown.

  • October nonfarm payrolls soar +204,000, nearly double the 120,000 expected.
  • Unemployment rate at 7.3%, up from 7.2%.

And just like that, the “Taper talk” is back…

From the report:

Both the number of unemployed persons, at 11.3 million, and the unemployment rate, at 7.3 percent, changed little in October. Among the unemployed, however, the number who reported being on temporary layoff increased by 448,000. This figure includes furloughed federal employees who were classified as unemployed on temporary layoff under the definitions used in the household survey. (Estimates of the unemployed by reason, such as temporary layoff and job leavers, do not sum to the official seasonally adjusted measure of total unemployed because they are independently seasonally adjusted.) For more information on the classification of workers affected by the federal government shutdown, see the box note. (See tables A-1 and A-11.)

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