So many numbers…
Job growth was broad based, but not exactly a big number. It was below expectations, but not as bad as it COULD have been. Average Hourly Earnings was a BAD number. It was an increase of just 0.1% on a monthly basis, 2.1% on an annual basis. In real terms those end up being negative numbers. Underemployment Rate was lower at 13.6%, Labor Force Participation Rate was steady at 63.2%, not good numbers, but they haven’t been good for a while so they are just more of the status quo.
Just further proof that the economy is growing very S L O W L Y… (if at all)
Economic Event | Period | Economic Survey | Actual Reported | Original Prior | Revised Prior |
Change in Nonfarm Payrolls | Sep | 180K | 148K | 169K | 193K |
Two-Month Payroll Net Revision | Sep | -- | 9K | -- | -- |
Change in Private Payrolls | Sep | 180K | 126K | 152K | 161K |
Change in Manufact. Payrolls | Sep | 5K | 2K | 14K | 13K |
Unemployment Rate | Sep | 7.3% | 7.2% | 7.3% | -- |
Average Hourly Earnings MoM | Sep | 0.2% | 0.1% | 0.2% | 0.3% |
Average Hourly Earnings YoY | Sep | 2.1% | 2.1% | 2.2% | 2.3% |
Average Weekly Hours All Employ | Sep | 34.5 | 34.5 | 34.5 | -- |
Change in Household Employment | Sep | -- | 133 | -115 | -- |
Underemployment Rate | Sep | -- | 13.6% | 13.7% | -- |
Labor Force Participation Rate | Sep | -- | 63.2% | 63.2% | -- |
Net Long-term TIC Flows | Aug | $31.0B | -- | $31.1B | -- |
Total Net TIC Flows | Aug | -- | -- | $56.7B | -- |
Construction Spending MoM | Aug | 0.4% | -- | 0.6% | -- |
Richmond Fed Manufact. Index | Oct | 0 | -- | 0 | -- |
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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