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Revisions to the way payroll data firm ADP counts private sector job creation have resulted in a sharp drop in the September employment count.
Companies added 158,000 jobs in October in the biggest gain in eight months, data from a payrolls processor showed on Thursday in a revamped report on the private sector labor market.
The historical data for the ADP National Employment Report was revised as part of the new methodology, which was used for the first time in the October report. September's increase has halved to 88,200 new jobs from an initially reported 162,000.
October's increase was the biggest jump since February and topped economists' forecasts for a gain of 135,000 jobs.
The closely watched nonfarm payrolls report is expected to show employment picked up in October, but not enough to prevent the unemployment rate from rising off a near four-year low.
U.S. stock index futures saw little impact from the data with Wall Street looking at a flat open in the aftermath of the massive storm that hit the U.S. northeast. The dollar rose to a session high against the yen.
One of the world's largest television manufacturers, Panasonic has been shedding jobs for years amid slack demand.
THE EMPLOYMENT SITUATION -- OCTOBER 2012
Total nonfarm payroll employment increased by 171,000 in October, and the unemployment
rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics
reported today. Employment rose in professional and business services, health care,
and retail trade.
Household Survey Data
Both the unemployment rate (7.9 percent) and the number of unemployed persons (12.3
million) were essentially unchanged in October, following declines in September.
(See table A-1.)
Among the major worker groups, the unemployment rate for blacks increased to 14.3
percent in October, while the rates for adult men (7.3 percent), adult women (7.2
percent), teenagers (23.7 percent), whites (7.0 percent), and Hispanics (10.0 percent)
showed little or no change. The jobless rate for Asians was 4.9 percent in October
(not seasonally adjusted), down from 7.3 percent a year earlier. (See tables A-1,
A-2, and A-3.)
In October, the number of long-term unemployed (those jobless for 27 weeks or more)
was little changed at 5.0 million. These individuals accounted for 40.6 percent of
the unemployed. (See table A-12.)
The civilian labor force rose by 578,000 to 155.6 million in October, and the labor
force participation rate edged up to 63.8 percent. Total employment rose by 410,000
over the month. The employment-population ratio was essentially unchanged at 58.8
percent, following an increase of 0.4 percentage point in September. (See table A-1.)
The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) fell by 269,000 to 8.3 million in October, partially
offsetting an increase of 582,000 in September. These individuals were working part
time because their hours had been cut back or because they were unable to find a
full-time job. (See table A-8.)