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Economic Statistics for 2 Oct 15

A weak 142,000 net new jobs were created in September, far below expectations. The unemployment rate remained unchanged at 5.1%. Average hourly earnings were unchanged, and average weekly hours declined -0.1 hours to 34.5 hours. The labor force participation rate fell -0.2% to 62.4% as 236,000 people left the labor force. The labor force participation rate is the lowest since October, 1977, continuing the decline in the labor force that began in 2000.

LAbor Force Participation Rate

This decline is why I no longer calculate the unemployment rate using pre-crisis average LFPR. We no longer know what the “correct” LFPR is, or should be.

Factory Orders declined -1.7% in August, with non-durables down -1.1% and durable goods down -2.3%. Core capital goods fell -0.8%. This is a very weak report all around.

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