- Total nonfarm payroll employment, at 131.1 million, was unchanged (0) in August. Employment changed little in most major private-sector industries.
- Household survey shows the number of unemployed persons, at 14.0 million, was unchanged from last month;
- Involuntary part-time workers rose from 8.4 million to 8.8 million in August.
- 2.6 million persons were marginally attached to the labor force, up from 2.4 million a year earlier;
- Revisions were negative: June was revised from +46k to +20k; July was revised from +117k to +85k.
- Over the past 12 months, average hourly earnings have increased by 1.9%, which is soft.
- Average workweek for all employees edged down by 0.1 hour over the month to 34.2 hours. This is a leading indicator, and its discouraging.
- Manufacturing workweek was stable at 40.3 hours for the 3rd consecutive month; factory overtime increased by 0.1 hour over the month to 3.2 hours.
- Average hourly earnings for all employees in August decreased by 3 cents, or 0.1 percent, to $23.09. Also a leading indicator, also discouraging.
- Temp Employment Help services changed little over the month (+5,000) and has shown little movement on net so far this year. (Also a leading indicator)
- Sectors showing employment gains: Health care (+30,000), Mining (+6,000), Professional and business services (+8,000). Over the past 12 months, health care employment has grown by 306,000, and since reaching a trough in October 2009, employment in mining has risen by 144,000
- Information industry (-48,000) Manufacturing (-3,000), Government (-17,000). Construction; trade, transportation, and utilities; financial activities; and leisure and
- hospitality were unchanged
- * the asterisk: Employment in the information industry declined by 48,000 in August. About 45,000 workers in the telecommunications industry were on strike and thus off company payrolls during the survey reference period.
Welcome to the Vitus Capital Blog!
Notes to myself, possibly of interest to others.
-- Bill Northlich
Friday, September 2, 2011
Details of terrible jobs report, from Ritholtz
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