- 661,000 million jobs gained. The gains since May total a little over half of the 22.1 million job losses in March and April. The alternate, and more volatile measure in the household report was 275,000 jobs gained, which factors into the unemployment and underemployment rates below.
- U3 unemployment rate fell -0.5% from 8.4% to 7.9%, compared with the January low of 3.5%.
- U6 underemployment rate fell -1.6% from 14.2% to 12.8%, compared with the January low of 6.9%.
- [UPDATE: Correcting error] Those on temporary layoff decreased 1.523 million to 4.637 million.
- Permanent job losers increased by 345,000 to 3.756 million.
- July was revised upward by 27,000. August was also revised upward by 118,000 respectively, for a net gain of 145,000 jobs compared with previous reports.
Leading employment indicators of a slowdown or recession
I am still highlighting these because of their leading nature for the economy overall. These were positive:
- the average manufacturing workweek rose 0.2hours from 40.0 hours to 40.2 hours. This is one of the 10 components of the LEI and will be a positive.
- Manufacturing jobs rose by 66,000. Manufacturing has still lost -647,000 jobs in the past 7 months, or 5% of the total. A little over half of the total loss of 10.6% has been regained.
- Construction jobs rose by 26,000. Even so, in the past 7 months -394,000 construction jobs have been lost, 5.2% of the total. About 1/3rd of the worst loss of 15.2% loss has been regained.
- Residential construction jobs, which are even more leading, rose by 6,600. Even so, in the past 7 months there have still been -14,000 lost jobs, or about 1.7% of the total.
- temporary jobs rose by 8,100. This is a *drastic* slowdown from the gains of the past few months, which typically were over 100,000. Since February, there have still been -463,800 jobs lost, or 15.8% of all temporary help jobs.
- the number of people unemployed for 5 weeks or less rose by 271,000 to 2.552 million, compared with April’s total of 14.283 million.
- Professional and business employment rose by 89,000, which is still -1.386 million, or about 6.4% below its February peak.