- July Payrolls totaled 117k, 154k of which were private sector job adds, compared to 85k and 113k respectively last month.
- The unemployment rate ticked down .1% to 9.1% as the labor force fell by 193k.
- The all in U6 rate was 16.1% vs 16.2% in June.
- Mfr’g added 24k jobs, 14k more than expected. Construction, retail, leisure, education/health also were areas that saw job gains.
- As expected, state/local govt’s shed jobs and the financial sector lost jobs. Temp jobs were unchanged.
- Positively, avg hourly earnings rose .4% m/o/m and 2.3% y/o/y, the most since Oct ’09. Avg weekly hours were flat.
- Negatively, the avg duration of unemployment ticked up again and the participation rate fell to 63.9% from 64.1%, the lowest since 1984.
- An average of 133k monthly jobs have been created in ’11 vs 78k in ’10 and while an obvious improvement, it’s still well below what’s needed to more quickly improve the damage done.
And, its arguably just enough to cover population growth which, depending upon whom you talk to, is 125-150K.
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