September and October figures were revised lower by a combined 159,000 jobs. Temporary jobs, considered a leading indicator of future hiring activity, rose by 59,000. Manufacturing shed another 69,000 jobs while service industries expanded by 58,000, seasonally adjusted.
How this affects our local Pittsburgh market has yet to be seen, with Pittsburgh’s October report showing an uptick to 8.3% from 8.1% in September. While certainly not a “mission accomplished” moment, this portends and much faster healing of the worst jobs market in a generation. It will be interesting to see how this affects consumer attitudes in the coming months and if it is sustainable.
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