Mike “Mish” Shedlock's
Sitka Pacific Capital Management,Llc
Initial Reaction
Today’s establishment survey shows jobs rose by a much weaker than expected 156,000. Revisions took off 21,000 in June and another 20,000 in July.
In the household survey, employment fell by 74,000. Average weekly hours worked declined by 0.1 hour and wage growth was anemic.
Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.
BLS Jobs Statistics at a Glance
- Nonfarm Payroll: +156,000 – Establishment Survey
- Employment: -74,000 – Household Survey
- Unemployment: +151,000 – Household Survey
- Involuntary Part-Time Work: -27,000 – Household Survey
- Voluntary Part-Time Work: +187,000 – Household Survey
- Baseline Unemployment Rate: +0.1 to 4.4% – Household Survey
- U-6 unemployment: +0.0 to 8.6% – Household Survey
- Civilian Noninstitutional Population: +206,000
- Civilian Labor Force: +77,000 – Household Survey
- Not in Labor Force: +128,000 – Household Survey
- Participation Rate: +0.0 to 62.9 – Household Survey
Employment Report Statement
Total nonfarm payroll employment increased by 156,000 in August, and the unemployment rate was little changed at 4.4 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in manufacturing, construction, professional and technical services, health care,
Unemployment Rate – Seasonally Adjusted
The above Unemployment Rate Chart is from the BLS. Click on the link for an interactive chart.
Nonfarm Employment Change from Previous Month
Nonfarm Employment Change from Previous Month by Job Type
Hours and Wages
The Average Weekly Hours of all private employees fell 0.1 hour to 34.4 hours. The average weekly hours of all private service-providing employees fell 0.1 hours to 34.2 hours. Average weekly hours of manufacturers fell 0.2 hours to 40.7 hours. All are the same or within 0.1 hours from a year ago.
The Average Hourly Earnings of private workers rose $0.04 to $22.12. That increase is from a downward revision in July. Average hourly earnings of private service-providing employees rose $0.04 to $21.89. Average hourly earnings of manufacturers was flat at $20.90 following a downward revision in July.
This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.
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