Free Markets, Free People

Economic Statistics for 5 Sep 14

Today’s only economic release is a big one, and it’s disappointing.

The Employment Situation report shows only 142,000 net new jobs were created in July, well below expectations. The Unemployment rate fell -0.1% to 6.1%, though sadly, this is mainly because the civilian labor force fell by 64,000 this month, while the number of persons not in the labor force rose by 268,000. This brought the labor force participation rate down to 62.8%, matching the lowest participation rate since 1978. Essentially, the number of people leaving the labor force was twice the number of new jobs created. In addition, the Household Survey indicates an additional  80,000 workers became unemployed in the last month. Average hourly earnings rose 0.2%, while average weekly hours were unchanged at 34.5 hours.

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3 Responses to Economic Statistics for 5 Sep 14

  • ADP was estimating over 200,000 so the 142,000 jobs added figure seems to indicate that BLS may be padding the numbers to probably show a big burst or upward revision just before the elections.

    • Oh surely not!
      You mean our ‘government’ is massaging numbers to make the Messiah look less like a dofus?

  • Keep in mind, if they keep playing this game of lower unemployment being driven by a decline in the labor force participation rate then they run the risk of putting up a ridiculous negative unemployment statistic.