The official unemployment rate for August is out from the Labor Department and the unemployment rate grew 0.1% to 9.6% as expected. The total non-Farm payrolls was -54,000 in August, but the private sector payrolls showed a gain of 67,000 payrolls. Bloomberg had estimates of -90,000 in non-Farm Payrolls and +40,000 in private sector payrolls; Bloomberg also had estimates of 9.6% for the official unemployment rate.
The July preliminary data showed non-Farm payrolls were down 131,000, but that was cut to a drop of “only’ 54,000 payrolls cut. Private sector jobs added were also revised for July to 107,000. Hourly earnings rose $0.06 to $22.66 per hour and the average workweek was 34.2 hours.
The individual sector breakdown showed a drop of 27,000 in manufacturing, construction added 19,000 jobs, and temporary help rose by 17,000, and Professional-Business services jobs rose by 20,000.
Today’s news is a bit better than expected and the revisions higher in July are helping out as well. Before getting too excited, this level is still just a life-support report in a no-growth to very low-growth economy.
JON C. OGG
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
