Job Numbers Nudge Higher

The U.S. Bureau of Labor Statistics reported a slight gain in the number of nonfarm payroll positions for the month of October and little change in the unemployment rate, which remained steady at 7.3 percent. Industries that saw job growth were hospitality, manufacturing, professional and technical services, health care and retail.

Overall job gains numbered 204,000 for the month, 37,600 of which were retail positions.

“The latest jobs report, which came in stronger than anticipated, provides some positive indication that the economy and employment situation are steadily improving,” said Matthew Shay, president and CEO of the National Retail Federation. “The timing couldn’t be better for retailers and consumers, who are busy preparing for the holiday shopping season.”

The number represents a gain of 295,000 jobs year-over-year, a 2.4 percent increase from 2012. The National Retail Federation projects a 3.9 percent increase in spending this holiday season, or the addition of between 720,000 and 780,000 employees.

Notable job gains in the retail sector were in the food and beverage, electronics and appliances, general merchandise, sporting goods and hobby stores, and building material and garden supply categories.

“Today’s report puts the U.S. economy in a very positive light heading into the fall and winter seasons,” said NRF’s Chief Economist Jack Kleinhenz said. “The government shutdown had little to no impact on the improving employment situation, which is steadily improving along with GDP. While retailers and businesses are hiring, consumers remain cautious, but we remain steadfast in our belief that consumer confidence and spending will improve.”

Over the past 12 months, an average of 190,000 new jobs have been added per month.

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