Economic Event | Period | Economic Survey | Actual Reported | Original Prior | Revised Prior |
Challenger Job Cuts YoY | Aug | -- | 56.5% | 2.3% | -- |
RBC Consumer Outlook Index | Sep | -- | 51.1 | 49.4 | -- |
ADP Employment Change | Aug | 184K | 176K | 200K | 198K |
Initial Jobless Claims | 41517 | 330K | 323K | 331K | 332K |
Continuing Claims | 41510 | 2985K | 2951K | 2989K | 2994K |
Nonfarm Productivity | 2Q F | 1.6% | 2.3% | 0.9% | -- |
Unit Labor Costs | 2Q F | 0.8% | 0.0% | 1.4% | -- |
*ADP survey shows companies in U.S. Added 176,000 Workers to Payrolls in August
*Jobless Claims in U.S. Declined More Than Forecast Last Week
Companies boosted employment by 176,000 workers in August, figures from ADP Research Institute showed today. The median forecast of 43 economists surveyed by Bloomberg called for a 184,000 gain. Estimates ranged from increases of 150,000 to 225,000.
Jobless Claims showed that fewer Americans than forecast filed applications for unemployment benefits last week, indicating the labor market is improving. Jobless claims declined by 9,000 to 323,000 in the week ended Aug. 31, less than the lowest estimate of economists surveyed by Bloomberg, from a revised 332,000. Another report showed productivity climbed more than previously estimated in the second quarter. Employers are holding the line on dismissals, setting the stage for a pickup in hiring to meet any acceleration in demand as the effects of federal budget cuts and higher payroll taxes begin to wane. Growth in employment and rising incomes will help sustain consumer spending, which accounts for about 70 percent of the economy.
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
225-342-0013
jbroussard@treasury.state.la.us
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