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Today's Employment Situation Report was released at 8:30 this morning. We will follow this "just the numbers" piece up with a more detailed analysis later. For now, we wanted you to know what is moving your market today.
Employment Situation
- Unemployment Rate: 9.7% in August, which proved importantly higher than Bloomberg's survey of economists had noted at 9.6%. Barron's and most others had set our expectations at 9.5%, so the report is a clear disappointment. The unemployment rate stood at 9.4% in July, which marked a step lower from June.
- Nonfarm Payrolls: At 216,000, August's payroll decline was slightly worse than the consensus expected; expectations had been set at -200K (-230K based on Barron's). Either way, this figure takes a back seat to the unemployment rate impact. July's shedding was revised to a worse number at -276K, from -247K.
- Average Work Week: This stuck at 33.1
- Average Hourly Earnings: Increased 0.3%, versus a 0.2% consensus and prior month rate
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