MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US DATA: Texas Accounted For More Than Half Of Payrolls Growth In August

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America

The state-wide payrolls data were mixed for August, with fewer states seeing declines on the month but a significant share of the disappointing 142k increase for national payrolls coming from Texas. 

  • The share of states seeing negative monthly payrolls growth fell to 17% in August from its lowest in three months after 24% in July and 19% in June.
  • The data can be noisy from month-to-month but whilst a three-month average has increased to 20%, it’s not particularly elevated historically (for example, it averaged 15% through 2019).
  • By specific state, Texas nonfarm payrolls jumped 78k for more than half the national seasonally adjusted increase in August. It follows a weak patch including a Hurricane Beryl-driven -20k in July as well as more puzzling -9k in June.  
  • Rounding out the other major states and California, Florida and New York all saw below-trend growth – see table. The four states combined account for approximately one third of national payrolls. 
157 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The state-wide payrolls data were mixed for August, with fewer states seeing declines on the month but a significant share of the disappointing 142k increase for national payrolls coming from Texas. 

  • The share of states seeing negative monthly payrolls growth fell to 17% in August from its lowest in three months after 24% in July and 19% in June.
  • The data can be noisy from month-to-month but whilst a three-month average has increased to 20%, it’s not particularly elevated historically (for example, it averaged 15% through 2019).
  • By specific state, Texas nonfarm payrolls jumped 78k for more than half the national seasonally adjusted increase in August. It follows a weak patch including a Hurricane Beryl-driven -20k in July as well as more puzzling -9k in June.  
  • Rounding out the other major states and California, Florida and New York all saw below-trend growth – see table. The four states combined account for approximately one third of national payrolls.