Monday, September 6, 2010

Further Analysis of August Unemployment Numbers

By Christian Menegatti and Prajakta Bhide of RGE Analysis :

While the August employment report surprised consensus on the upside, revisions to previous data showed that the labor market developments in July were significantly better than previously estimated. This implies that labor market conditions actually worsened in August. The job gain of 60,000, excluding Census hiring, was below the 89,000 gain in July, and the decline was driven by a slowdown in private payrolls—including the first decline in manufacturing payrolls in 2010. The pace of job creation remains well below the levels needed to keep the unemployment rate from rising. Meanwhile, an improvement in hourly wages and a decline in the duration of unemployment stand out as positive developments.

More here.

No comments:

Post a Comment