- -33,000 jobs lost
- U3 unemployment rate down -0.2% from 4.4% to 4.2% (new low)
- U6 underemployment rate down -0.3% from 8.6% to 8.3% (new low)
- Not in Labor Force, but Want a Job Now: down -216,000 from 5.844 million to 5.628 million
- Part time for economic reasons: down -133,000 from 5.255 million to 5.122 million (new low)
- Employment/population ratio ages 25-54: up +0.5% from 78.4% to 78.9% (new high)
- Average Weekly Earnings for Production and Nonsupervisory Personnel: up $.0.09 from $22.14, to $22.23, up +2.5% YoY. (Note: you may be reading different information about wages elsewhere. They are citing average wages for all private workers. I use wages for nonsupervisory personnel, to come closer to the situation for ordinary workers.)
Trump specifically campaigned on bringing back manufacturing and mining jobs. Is he keeping this promise?
- Manufacturing jobs fell by -1,000 for an average of +9,800 a month vs. the last seven years of Obama’s presidency in which an average of 10,300 manufacturing jobs were added each month.
- Coal mining jobs rose by 500 for an average of +133 a month vs. the last seven years of Obama’s presidency in which an average of -300 jobs were lost each month
July was revised downward by -51,000. August was revised upward by +13,000, for a net change of -38,000.
- the average manufacturing workweek was unchanged at 40.7 hours. This is one of the 10 components of the LEI.
- construction jobs increased by +8,000. YoY construction jobs are up 184,000.
- temporary jobs increased by +5,900.
- the number of people unemployed for 5 weeks or less increased by +4,000 from 2,222,000 to 2,226,000. The post-recession low was set al,ost two years ago at 2,095,000.
- Overtime was flat at 3.3 hours.
- Professional and business employment (generally higher- paying jobs) increased by +13,000 and is up +528,000 YoY.
- the index of aggregate hours worked in the economy fell by -0.1 from 107.4 to 107.3
- the index of aggregate payrolls rose by +0.5 from 134.7 to 135.2.
- the alternate jobs number contained in the more volatile household survey increased by 906,000 (!) jobs. This represents an increase of 2,419,000 jobs YoY vs. 1,777,000 in the establishment survey.
- Government jobs rose by +7,000 .
- the overall employment to population ratio for all ages 16 and up rose +0.3% from 60.1% to 60.4 m/m and is up +0.6% YoY.
- The labor force participation rate rose +0.2% m/m and is up +0.2% YoY from 62.9% to 63.1%.
This report was certainly affected by Hurricanes Harvey and Irma, but what is surprising is all of the areas of strength, especially in the household report.