U.S. labour markets remain resilient. Payroll employment rose 80,000 in October on the back of a 104,000 increase in private-sector jobs. The details of the report were also encouraging with 60.7% of industries reporting adding to headcount during the month, up from 56.7% in September. But the key highlight for us was the 277,000 rise in household employment (a measure comparable to Canada’s LFS). Household employment now stands at a cyclical high on the back of gain of more than one million jobs in the past three months, virtually all of them full-time. Importantly, and despite the best three-month tally since 2006, the outlook remains most favourable. According to just-released data, the Monster on-line help wanted index rose by the most in seven months in October (after seasonal adjustments).
As today’s Hot Chart shows, this development bodes well for the pace of job creation between now and the yearend.
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