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Friday, September 2, 2011

Details of terrible jobs report, from Ritholtz

  • Total nonfarm payroll employment, at 131.1 million, was unchanged (0) in August. Employment changed little in most major private-sector industries.
  • Household survey shows the number of unemployed persons, at 14.0 million, was unchanged from last month;
  • Involuntary part-time workers rose from 8.4 million to 8.8 million in August.
  • 2.6 million persons were marginally attached to the labor force, up from 2.4 million a year earlier;
  • Revisions were negative: June was revised from +46k to +20k; July was revised from +117k to +85k.
  • Over the past 12 months, average hourly earnings have increased by 1.9%, which is soft.
  • Average workweek for all employees edged down by 0.1 hour over the month to 34.2 hours. This is a leading indicator, and its discouraging.
  • Manufacturing workweek was stable at 40.3 hours for the 3rd consecutive month; factory overtime increased by 0.1 hour over the month to 3.2 hours.
  • Average hourly earnings for all employees in August decreased by 3 cents, or 0.1 percent, to $23.09. Also a leading indicator, also discouraging.
  • Temp Employment Help services changed little over the month (+5,000) and has shown little movement on net so far this year. (Also a leading indicator)
  • Sectors showing employment gains: Health care (+30,000), Mining (+6,000), Professional and business services (+8,000). Over the past 12 months, health care employment has grown by 306,000, and since reaching a trough in October 2009, employment in mining has risen by 144,000
  • Information industry (-48,000) Manufacturing (-3,000), Government (-17,000). Construction; trade, transportation, and utilities; financial activities; and leisure and
  • hospitality were unchanged
  • * the asterisk: Employment in the information industry declined by 48,000 in August. About 45,000 workers in the telecommunications industry were on strike and thus off company payrolls during the survey reference period.

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