Como se combate o populismo? "Com eleições", responde Fukuyama

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ECONOMIC REPORT: U.S. nonfarm payrolls up 56,000; Job growth 'below trend' excluding Katrina, BLS says
By Rex Nutting, MarketWatch
Last Update: 8:30 AM ET Nov. 4, 2005

WASHINGTON (MarketWatch) - U.S. job growth slowed in October even excluding the direct impact of two monstrous hurricanes, the Bureau of Labor Statistics said Friday.

U.S. nonfarm payrolls rose by 56,000 in October after a revised 8,000 loss in September, the agency said. The unemployment rate fell to 5% in October from 5.1% in September.

Economists surveyed by MarketWatch were expecting payroll gains of about 102,000 in October. The predictions were based on assumptions that storm-related losses would be more than offset by strong job growth in the rest of the country.

However, "job growth in the remainder of the country appeared to be below trend in October," said Kathleen Utgoff, commissioner of the Bureau of Labor Statistics.

The below-trend growth could be the result of indirect impacts from the storms, she said, such as higher energy costs and choked supply lines.

Most economists believe the impact of the storm will be temporary, with rebuilding efforts actually adding to growth and hiring late this year and into 2006.

In October, goods-producing industries created 49,000 jobs while private-sector service-producing industries lost 3,000. Manufacturing industries created 12,000 jobs, the first increase since May.

Within services, retail shed 5,000 jobs after 58,000 lost in September. Financial services added 22,000 jobs.

Among 278 industries, 50.2% were adding employees in September, the lowest since November 2003. Among 84 manufacturing industries, 41.7% were adding jobs.

Average hourly wages shot up 8 cents, or 0.5%, to $16.27. Average hourly earnings are thus up 2.9% in the past year, the biggest year-over-year gain since July 2003.

Wage growth is a chief concern of the Federal Reserve, which fears that wage pressures could imbed an inflationary psychology in the economy. Average wages are still rising slower than inflation, however.

The Fed raised interest rates for a 12th straight meeting on Tuesday.

The average workweek was steady at 33.8 hours. Within manufacturing, average hours rose to 41 from 40.6 in September. Total hours worked in the economy were unchanged in October.

In a separate survey of households, the Labor Department found that unemployment dropped by 228,000 in October. Employment rose by 214,000, while 14,000 dropped out of the workforce.

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8:30am 11/04/05 U.S. AVERAGE HOURLY WAGES UP 2.9% Y-O-Y, MOST IN 2 YEARS
8:30am 11/04/05 U.S. OCT. AVERAGE WORKWEEK STEADY AT 33.8 HOURS
8:30am 11/04/05 U.S. OCT. AVERAGE HOURLY EARNINGS UP 0.5%

8:30am 11/04/05 U.S. OCT. RETAIL SECTOR LOSES 5,000 JOBS
8:30am 11/04/05 U.S. OCT. PRIVATE-SECTOR SERVICES SHED 3,000 JOBS
8:30am 11/04/05 U.S. OCT. MANUFACTURING JOBS UP BY 12,000
8:30am 11/04/05 U.S. OCT. EX-KATRINA JOB GROWTH BELOW TREND: BLS
8:30am 11/04/05 U.S. OCT. JOBLESS RATE FALLS TO 5.0% VS. 5.1% EXPECTED
8:30am 11/04/05 U.S. OCT. NONFARM PAYROLLS UP 56,000 VS.102,000 EXPECTED