October's payroll data, though below consensus expectations, demonstrated signs of continued strengthening in the labor market and marked the 49th straight month of positive job growth, the best stretch on records back to 1939. On net, 214,000 jobs were added, in line with the average monthly gain of 222,000 during the prior 12 months. Gains were driven by leisure and hospitality (up 52,000, with foodservices and drinking places adding 42,000), professional and business services (up 37,000, with temporary help services adding 15,000), education and health services (up 41,000, with health care adding 25,000), goods-producing industries (up 28,000, with manufacturing adding 15,000 and construction adding 12,000), and retail trade (up 27,100).
Revisions to the previous two months' estimates added 31,000 jobs on net—August was revised up from 180,000 to 203,000, and September was revised up from 248,000 to 256,000.
