Baker Market Update: Oct. 10, 2017

It may take a little squinting, but if one can get past a few trees infested with pine-bark beetles, the view of the labor market forest uncloaked by this morning’s jobs report provided many observers with an eye-pleasing vista. It was September of 2010 the last time the monthly NonFarm Payroll (NFP) count was negative, but in the face of last month’s 33k decline, the Unemployment Rate fell by two-tenths to 4.2% while the demographically driven and downward trending Labor Force Participation Rate rose by those same two-tenths to 63.1%. In terms of actual numbers, the actual number of employed persons rose by 906k while the total of those unemployed fell by 331k. Sightseers might want to remember that data from the Household Survey can produce measurements that can sometimes appear to not quite agree with the much larger Establishment Survey. This particular forest is not without weeds.

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