The unemployment and change in non-farm payrolls data for August is out, and despite some positive trends seen during the weekly data it just isn’t pretty. The change in nonfarm payrolls was -216,000 versus somewhere around -220,000 to -230,000 expected. But the real jump came in the official unemployment rate to 9.7% from a July original report of 9.4%. Economists were looking for 9.5% to 9.6%.
But then came the revisions and July was worse than what the Labor Department originally reported in July. That figure was revised from -247,000 jobs originally reported to -276,000 jobs. The by-sector report offers no huge hope out there.
- Manufacturing -63,000.
- Construction -65,000.
- Services -80,000.
There was a gain in healthcare and education, but even government jobs fell: education and healthcare rose by +52,000 and the government was -18,000 jobs.
At least we aren’t seeing official reports of -400,000 or -500,000 any longer. We won’t keep harping on the unofficial unemployment being well above 15% when you count the underemployed, the contract, and the new part-timers.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
