Courtesy of Mish.
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
