Saturday, September 3, 2016

AUGUST JOBS REPORT: Stats Numbers & Analysis

According to the Bureau of Labor and Statistics U.S. employers added 151,000 jobs in August. This is just shy of the analysts expectations of 180,000 jobs. The unemployment rate remained steady at 4.9 percent. The breakdown of the report shows for the most part the economies steadiness and reliability with most analysts agreeing that the report was not too good and not too bad.

Here's how the Jobs Report numbers break down...

• Total nonfarm payroll employment rose by 151,000 in August, compared with an average monthly gain of 204,000 over the prior 12 months.

• The number of unemployed persons was essentially unchanged at 7.8 million in August, and the unemployment rate was 4.9 percent for the third month in a row. Both measures have shown little movement over the year 

• Among the major worker groups, the unemployment rates for all categories has seen little change

• The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 2.0 million in August.

• Both the labor force participation rate, at 62.8 percent, and the employment-populationratio, at 59.7 percent, were unchanged in August.

• The number of persons employed part time for economic reasons was little changed at 6.1 million in August.

• Employment continued to trend up in service-providing industries including professional and technical services financial activities and health care employment .

• Construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, temporary help services, and government--changed little over the month.

• Average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to $25.73.

• Over the year, average hourly earnings have risen by 2.4 percent and average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $21.64.

• The change in total nonfarm payroll employment for July was revised up from +255,000 to +275,000.

• Over the past 3 months, job gains have averaged 232,000 per month.

Here are some economic analysts take on this months report...

Carl R. Tannenbaum, chief economist at Northern Trust said...

It confirms that the economy is performing well, but does not provide the threat of overheating that might have caused an interest-rate increase sooner rather than later,

Thomas E. Perez, Labor Secretary...

Sometimes the porridge is really hot; sometimes the porridge is really cold; this one is in between.

William C. Dudley, president of the New York Fed, said...

The tide has begun to turn. For the first time in quite a while, we are seeing gains in middle-wage jobs actually outnumber gains in higher- and lower-wage jobs nationwide.

Brad McMillan, chief investment officer at Commonwealth Financial Networkexplained...

"In many respects, this report was a sweet spot. It's good enough that the economic growth continues, you're going to see the economic recovery move along. But it's not putting any more heat on the Fed to raise rates in September."

Curt Long, chief economist at the National Association of Federal Credit Unions...

"We continue to see a labor market approaching full employment. If the economy continues on the same trajectory that it's been on this summer, I anticipate the Fed will be in a position to raise rates in December."

With this latest jobs report President Obama has added 15.1 million private sector jobs to our economy over a record shattering 78 months...

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