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October NFP: Not In Labor Force Jumps By 425K As Wage Growth YoY Finally Rises To Mid-2009 Levels

This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission.

It is Jobs Friday once again! The last one before the upcoming coronation election.

The Good News? 161,000 jobs were added in October.


The bad news? It was less than the expected 173,000 and lower than the revised figure for September of 191,000.

The worse news? Another 425,000 people dropped out of the labor force. And labor force participation fell slightly to 62.8%.


The good news? US Average Hourly Earnings YoY rose 2.8%. The bad news? It has taken almost 8 years for wages to grow back to mid-2009 levels.


While U-3 and U-6 unemployment/underemployment measures have fallen to 4.9% and 9.5% respectively, both are still above the lowest levels found under the Clinton and GWBush Administrations.


What a lousy recovery. 8 years later and we are still not back to the latter stages of the Clinton and GWBush post-recession recoveries.


The Obama/Fed jobs recovery is like bumper-to-bumper crosstown traffic.


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