Geez, there’s a lot of payroll data this morning…
Economic Event | Period | Economic Survey | Actual Reported | Original Prior | Revised Prior |
Change in Nonfarm Payrolls | Aug | 180K | 169K | 162K | 104K |
Two-Month Payroll Net Revision | Aug | -- | -74K | -- | -- |
Change in Private Payrolls | Aug | 180K | 152K | 161K | 127K |
Change in Manufact. Payrolls | Aug | 5K | 14K | 6K | -16K |
Unemployment Rate | Aug | 7.4% | 7.3% | 7.4% | -- |
Average Hourly Earnings MoM | Aug | 0.2% | 0.2% | -0.1% | 0.0% |
Average Hourly Earnings YoY | Aug | 2.1% | 2.2% | 1.9% | 2.0% |
Average Weekly Hours All Employees | Aug | 34.5 | 34.5 | 34.4 | -- |
Change in Household Employment | Aug | -- | -115 | 227 | -- |
Underemployment Rate | Aug | -- | 13.7% | 14.0% | -- |
Labor Force Participation Rate | Aug | -- | 63.2% | 63.4% | -- |
The Unemployment Rate decreased AND the Underemployment Rate decreased. That’s a better development. HOWEVER, the Labor Force Participation rate is at the lowest it’s been in since AUGUST OF 1978, THAT’S 35 YEARS!!!! That is a problem for the prospects for the economy. And although the changes in payrolls were positive, they were less than expected AND the revisions DOWNWARD to the previous months (July) numbers were huge!
Looks like we’re in far more slow/low growth in 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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