How did we get to that 4.4% unemployment rate? The answer lay in Table A: The “Employment” component expanded by +437k;
Note that the Household data is from whence the unemployment rate comes from. To see the details of who was contributing to the hiring surge that. Just two weeks before the election, it conveniently dropped the unemployment rate 0.2%:
From Table A-1:
(Men of this age and over…..)
M 16+ 57k
M 20+ 40k
(Women of this age and over ….)
W 16+ 379k
W 20+ 303k
~87% of the jump in the “Employment” component of the Household Survey was women.
Helluva month — a huge decrease in unemployment nearly totally dependent on a massive surge in women returning back to the workplace . . . I never saw that one coming.
UPDATE: November 6, 2006 1:10pm
Yaser Anwar adds: "Investors need to ask the question- How long can the economy thrive
when over 2/3rds of the job gains in the last six months have come from
government, education, health and leisure services?"
THE EMPLOYMENT SITUATION: OCTOBER 2006
BLS, Household Survey, November 03, 2006