In the meantime, nonfarm payrolls rose by a muted 114,000 last month. That was generally in line with expectations given the weak economic recovery. Further, the private sector managed to generate just 104,000 jobs.
So what gives? Why the outsized drop in the politically sensitive indicator?
The unemployment rate did not decline due to discouraged job seekers leaving the job market, which has occurred in some of the prior reports.
In fact the rolls of the employed rose by an astounding 873,000 (including 582,000 part-time workers), according the the household survey!
Quirks in seasonal adjustments?
The last three years have recorded outsized gains in part-time employment September, which then washes out in October.
The BLS might want to review their statistical models.
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