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Comments on August Employment Report

The headline jobs number at 105 thousand for August ex-Census (130K total including temp Census hires) was well below consensus expectations of 158 thousand, and the previous two months were revised down 20 thousand, combined. The unemployment rate was unchanged at 3.7%. There was good news with the increase in the participation rate and employment-population ratio. But overall this was a disappointing employment report. Note: See: How to Report the Monthly Employment Number excluding Temporary Census Hiring

Earlier: August Employment Report: 105,000 Jobs Added Ex-Census, 3.7% Unemployment Rate

In August, the year-over-year employment change was 2.074 million jobs including Census hires (note: this will be revised down significantly in February with the benchmark revision).

Average Hourly Earnings

Wage growth was at expectations. From the BLS:

In August, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $28.11, following 9-cent gains in both June and July. Over the past 12 months, average hourly earnings have increased by 3.2 percent.

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