Friday, September 6, 2013

It's The Economy Stupid: Lots of Payroll Stuff

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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