Economic Event | Period | Economic Survey | Actual Reported | Original Prior | Revised Prior |
Change in Nonfarm Payrolls | AUG | 130K | 96K | 163K | 141K |
Change in Private Payrolls | AUG | 142K | 103K | 172K | 162K |
Change in Manufact. Payrolls | AUG | 10K | -15K | 25K | 23K |
Unemployment Rate | AUG | 8.3% | 8.1% | 8.3% | |
Underemployment Rate | AUG | | 14.7% | 15.0% | |
We added less Nonfarm Payroll jobs than expected and less than previously reported. We added less Private Payroll jobs than expected and less than previously reported. And the change in Manufacturing Payrolls was actually NEGATIVE, the worst number in 2 years. So how did the Unemployment Rate DROP??? Well, that’s easy. The workforce shrank greater than change in payrolls shrank. So less people are looking for jobs, more people have given up on looking for jobs. That’s not exactly a good thing.
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
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