Jobs

Updates

September 8, 2019: yes, the mainstream media reported that the "jobs report" was a disaster. In fact, we now have non-mainstream media op-eds that suggest the "job report" was stellar. Some data points:

• the unemployment rate held at 3.7 percent, near a 50-year low
• unemployment among African Americans and Hispanics also hit all-time lows last month
• op-ed: 

Just before the 2016 presidential election, when President Obama’s economic defeatism was still the order of the day, the Congressional Budget Office 10-year economic projections predicted the economy would add about 2 million new jobs from the end of 2016 through the end of 2019. Thanks to the shift to a common-sense, pro-growth agenda, however, we’ve actually gained an impressive 6.1 million new jobs since end of 2016 — more than 2 million in just the last 12 months, including 130,000 new jobs in August.

Original Post 

This is the story the mainstream media won't report, link here:

The number of people employed in the United States hit a record 157,878,000 in August, the 21st record set under President Donald Trump, according to the employment report released today by the Bureau of Labor Statistics.

That's an increase of 590,000 from the record 157,228,000 employed in July.

The unemployment rate held steady at 3.7 percent. For blacks, the unemployment rate dropped to a record low of 5.5 percent last month. And for Hispanics, the unemployment rate was 4.2 percent in August, which ties the record low set earlier this year.

CNBC reporting that it was a horrible jobs report.  [Compared to what?]

Wow, wow, wow -- huge miss -- huge story -- non-farm payroll, link here, and here:

• month-over-month change
• forecast/consensus: 163,000
• range: 150,000 to 180,000 (actually I saw some numbers greater than 205,000)
• actual: 130,000
• market:
• Dow futures, immediately before report: up 120 points
• Dow, immediately after report: up 120 points
• investors not happy; an hour later, at the open, the Dow up 10 points
• unemployment: steady at 3.7%
• participation rate: 63.2% vs consensus of 62.9%

Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, career, or relationship decisions based on what you read here or think you may have read here.

More:

• Nonfarm payrolls added: 130,000 vs. 160,000 expected
• Unemployment rate: 3.7% vs. 3.7% expected
• Average hourly earnings MoM: 0.4% vs. 0.3% expected
• Average hourly earnings YoY: 3.2% vs. 3.0% expected

July’s employment figure was revised to 159,000, down from the 164,000 positions previously reported. The labor force participation rate ticked higher to 63.2%. The manufacturing sector added 3,000 positions in August.