November 04, 2002 (The Editor’s Desk is updated each business day.)

Payroll employment in October

Nonfarm payroll employment was virtually unchanged (-5,000) in October at 130.9 million, although there were offsetting movements among various industries.

[Chart data—TXT]

Manufacturing employment declined by 49,000 over the month. The pace of factory job losses increased in the last 3 months, averaging 47,000 a month since July, compared with 20,000 a month from April to July. Employment in the construction industry decreased by 27,000 in October, following an increase of 11,000 in September (as revised).

Overall employment in the services industry was little changed (+18,000) over the month. Finance, insurance, and real estate added 34,000 jobs in October. After little change in the first half of the year, the industry has added 70,000 jobs since June. Spurred by low interest rates, employment growth continued in mortgage banks and brokerages; the industry added 17,000 jobs in October.

The federal government added workers for the fifth month in a row, as hiring continued for the Transportation Security Administration.

Payroll employment data are from the Current Employment Statistics program. The above data are seasonally adjusted. Data for September and October 2002 are preliminary and subject to revision. For more information, see "The Employment Situation, October 2002" (PDF) (TXT) news release USDL 02-612.