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Jobs

9.6% August Unemployment, When Bad Feels Good

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By Jon C. Ogg Updated Published
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The official unemployment rate for August is out from the Labor Department and the unemployment rate grew 0.1% to 9.6% as expected.  The total non-Farm payrolls was -54,000 in August, but the private sector payrolls showed a gain of 67,000 payrolls.  Bloomberg had estimates of -90,000 in non-Farm Payrolls and +40,000 in private sector payrolls; Bloomberg also had estimates of 9.6% for the official unemployment rate.

The July preliminary data showed non-Farm payrolls were down 131,000, but that was cut to a drop of “only’ 54,000 payrolls cut.  Private sector jobs added were also revised for July to 107,000.  Hourly earnings rose $0.06 to $22.66 per hour and the average workweek was 34.2 hours.

The individual sector breakdown showed a drop of 27,000 in manufacturing, construction added 19,000 jobs, and temporary help rose by 17,000, and Professional-Business services jobs rose by 20,000.

Today’s news is a bit better than expected and the revisions higher in July are helping out as well.  Before getting too excited, this level is still just a life-support report in a no-growth to very low-growth economy.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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