Average jobs added monthly in the last twelve months rose to 222,000. A year ago at this time 190,000 were being added monthly in the prior twelve months. During the Reagan boom 250,000 were added monthly for six years. During the Clinton boom 235,000 were added monthly for eight years. The 17% increase in the pace in the last year is a good thing, but we've got a long way to go, if it can even be sustained. A different indicator may give reason to hope so.
From 2008 to 2013, the percentage of the work force participating had been in steady decline measured October to October, until today. The labor participation rate now is 63.0% vs. 62.9% a year ago, not seasonally adjusted. That's not much but it may mark a turning point. It remains to be seen if the 62.5% level reached in January was in fact the bottom.
Looking at the broad measures, those who say they work usually part-time are up 414,000 not seasonally adjusted from a year ago, but the level remains 233,000 off the previous peak for an October, which occurred in 2012.
Those who work usually full-time are up an astounding 3,378,000 not seasonally adjusted from a year ago at this time. Compared with the peak year of 2007 for this metric, October on October, those who work usually full-time today are still 1.83 million fewer in number than then, not seasonally adjusted.
If you add the two categories together and divide by twelve, you get 316,000 jobs added monthly, not 222,000 as stated in the Establishment Survey which takes a larger sampling.
Go figure.
Average hours went up .1 and average earnings went up 3 cents.
