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--July Payrolls Rev Down To +159k, June Jobs Rev Down to +178k
By Brooke Migdon
WASHINGTON (MNI) - Payrolls growth was below expectations in
August, rising by 130,000 and following a net 20,000 downward revision
to the previous two months. The unemployment rate remained at 3.7%, in
line with market expectations.
Hourly earnings growth was larger than expected, rising by 0.4%
after an upward revised 0.3% gain in the previous month. The year/year
rate rose to 3.2% in August from 3.1% in July.
Here are some of the key takeaways from the data released Friday:
- August payrolls data were slightly below expected, posting a
130,000 increase compared with market expectations for a 160,000 gain.
This followed downward revisions to July (+159k vs prev +164k) and June
(+178k vs prev +193k) for a net downward revision of 20,000.
- Hourly earnings increased 0.4% while a market median had looked
for a 0.3% gain. As a result, the year/year rate for earnings rose to
3.2%. Average hours worked increased slightly to 34.4 in August after
dipping marginally to 34.3 hours in July.
- The unemployment rate remained at 3.7%, in line with market
expectations, though the labor force participation rate ticked upward by
0.2 pp to 63.2%. The size of the labor force increased to 163.9 million
with the number of employed increasing and the number of unemployed
decreasing. Before rounding, the unemployment rate fell to 3.6871% from
3.7116% in July.
- Private payrolls rose by 96,000 in August, far below the 150,000
increase expected by markets. Earlier in the week, the ADP national
employment report had recorded a 195,000 gain in private payrolls. The
retail and mining sectors recorded losses of 11,000 and 5,000,
respectively. Wholesale trade and education and health care payrolls
also fell relative to July.
- Government payrolls rose by 34,000 in August, largely reflecting
the hiring of temporary census workers, the BLS said.
** MNI Washington Bureau: 202-371-2121 **