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US DATA: Better Breadth Of Job Creation, Hours Worked The Only Downside

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  • The payrolls industry breakdown was also strong with improved breadth of gains across two different measures.
  • The private sector one-month diffusion index increased to 57.6% for its highest since January, after some mixed revisions that have left two more subdued months with 51.8 in Aug and 49.2 in July.
  • That relative lethargy from July and Aug means that the three-month diffusion index saw a more limited increased from 51.6% to 54.4%. That’s still the highest since May but down from >60% readings through most of 1H24.
  • Alternatively, health & social assistance accounted for 32% of private payrolls growth after 47% for its lowest since May 2023. Add in the public sector and those two cyclically insensitive categories were worth 40% of overall payrolls growth after 62% in August.
  • These declining shares are in large part to food & drinking place employment increasing a particularly strong 69k, but also construction seeing another sizeable 25k.
  • Sticking with the establishment survey, average hours worked offered the only notable downside surprise to the report, dipping back to 34.2 for joint lows of this cycle and after the 34.2 in July was attributed to weather disruption that shouldn’t be the case for this month. That leaves hours worked surprisingly below pre-pandemic levels. 
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  • The payrolls industry breakdown was also strong with improved breadth of gains across two different measures.
  • The private sector one-month diffusion index increased to 57.6% for its highest since January, after some mixed revisions that have left two more subdued months with 51.8 in Aug and 49.2 in July.
  • That relative lethargy from July and Aug means that the three-month diffusion index saw a more limited increased from 51.6% to 54.4%. That’s still the highest since May but down from >60% readings through most of 1H24.
  • Alternatively, health & social assistance accounted for 32% of private payrolls growth after 47% for its lowest since May 2023. Add in the public sector and those two cyclically insensitive categories were worth 40% of overall payrolls growth after 62% in August.
  • These declining shares are in large part to food & drinking place employment increasing a particularly strong 69k, but also construction seeing another sizeable 25k.
  • Sticking with the establishment survey, average hours worked offered the only notable downside surprise to the report, dipping back to 34.2 for joint lows of this cycle and after the 34.2 in July was attributed to weather disruption that shouldn’t be the case for this month. That leaves hours worked surprisingly below pre-pandemic levels.