Courtesy of Mish.
Initial Reaction
It’s reasonably safe the take a September hike off the table following weak economic reports yesterday and a disappointing jobs report today.
Today’s employment report shows an increase of 151,000 jobs of which only 126,000 were private. Expectations were for 175,000 jobs of which 179,000 were supposed to be private.
Last month, the household survey broke a three month trend of weakness with an employment gain of 420,000. June employment rose by 67,000. In May, employment rose by a mere 26,000 and in April, employment declined by a whopping 316,000. This month employment only rose by 97,000.
The 5-month average in employment is only 58,800 so the household survey still has a lot of catching up to do.
Voluntary part-time employment rose by 113,000 following a jump of 212,000 last month. Involuntary part-time employment fell by 194,000. Because of how the BLS compiles these stats, one cannot add the numbers together.
Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.
BLS Jobs Statistics at a Glance
