U.S. payrolls increased by a seasonally adjusted 171,000 jobs last month, though the unemployment rate rose to 7.9%.
September payrolls were revised to a gain of 148,000 from an initially reported 114,000, and August to 192,000 from 142,000. Job growth has picked up markedly since the spring.
Private companies accounted for all of the gains in October payrolls, adding 184,000 jobs during the month.
In the private sector, employment increased in professional and business services, health care and retail. Manufacturers added 13,000 jobs.
Governments, meanwhile, shed 13,000 jobs as federal and state employment dwindled.
Average earnings slipped by one cent to $23.58 an hour, while the average workweek was unchanged for the fourth straight month at 34.4 hours in October.
Auto makers sold 1,092,205 light vehicles last month, up 7% from October 2011, according to researcher s sales total by about 25,000 cars and trucks, auto makers said.
Demand was nevertheless strong. The annualized selling pace for October was 14.3 million vehicles, Autodata said. That’s up from 13.34 million a year ago. Auto makers reaffirmed a full-year outlook for U.S. sales to rise to between 14.5 million and 14.7 million. Sales were 12.8 million last year.
Hurricane Sandy is likely to provide a boost to car sales on the East Coast this month and next as consumer look to replace their damaged vehicles.
U.S. ISM UP 0.2 TO 51.7
Thursday’s release of the ISM Manufacturing report for the month of October came in better than expected (51.7 vs. 51.0) and rose modestly from last month’s level of 51.5. As shown in the table below, although this month’s headline reading saw an increase, the majority of the index’s subcomponents actually showed declines. Of the index’s ten subcomponents, only two (Production & New Orders) increased from September. (Bespoke)
The Canadian economy created virtually no new jobs last month, leaving the unemployment rate at 7.4 per cent. The country’s employers added 1,800 jobs in October, Statistics Canada said Friday.
For Q4 2012, 52 companies have issued negative EPS guidance while 16 companies have issued positive
EPS guidance. As a result, the overall percentage of companies issuing negative EPS guidance to date for
Q4 2012 stands at 76% (52 out of 68). If this is the final percentage for the quarter, the Q4 2012 quarter
will tie the Q3 2012 (76%) as the quarter with the highest percentage of companies issuing negative EPS
guidance since FactSet began tracking guidance data in Q1 2006.
For the current fiscal year, 126 companies in the S&P 500 issued annual EPS guidance during the month.
Of these 126 preannouncements, 62 (49%) were negative while 64 were positive. (Factset)
P.S. I’m still on the road so posting remains limited.