Posted on 09/05/2014 6:44:06 AM PDT by SeekAndFind
Job growth cooled in August, with nonfarm payrolls adding just 142,000 even as the unemployment rate fell to 6.1 percent, according to the Labor Department. The fall in the headline rate came as labor-force participation fell, declining to 62.8 percent, or 64,000 workers, tying the 2014 bottom and remaining at the lowest level since 1978.
Economists expected payroll growth of 225,000 in August following July's upwardly revised 212,000. The unemployment rate was forecast to drop to 6.1 percent from 6.2 percent.
August's number are a notoriously volatile set, with 2013's initially reported 169,000 ultimately revised up to 238,000. In 2011, the Bureau of Labor Statistics initially said net job creation was zero, only to push that figure up to 104,000 by the time all was said and done.
(Excerpt) Read more at cnbc.com ...
But ADP tells us that private payrolls in the U.S. increased by 204,000 jobs last month...
SEE HERE:
http://online.wsj.com/articles/private-businesses-create-204-000-in-august-adp-says-1409833982
What’s with the huge discrepancy?
After all these are individual people unable to make a living for themselves.
Maybe because not all companies use ADP for their payroll services?
Here is something interesting deep in the article...
“The report is a remarkable disappointment as a headline number, especially after receiving such promising macro data over the summer,” said Todd M. Schoenberger, president of J. Streicher Asset Management. “Oddly enough, though, this flat figure may still bode well for investors’ portfolios because it should force the Fed to take a breather with its ‘increase-in-interest-rate’ chant, which will push equity valuations higher. The data should help continue the markets’ upward trajectory today, and throughout the rest of the quarter.”
Those who don’t have jobs stay poor... but those who are rich with stock market portfolios are doing great... talk about inequality, The Obama administration sure creates the conditions for it.
ABC News' reporter actually said 'the sky is not falling' when they reported the jobs figure this morning. When have you ever heard that in a report on poor economic news.
Beating a dead horse, but it galls me to no end.
and he is pushing another rise in the minimum wage which will make things even worse.
What most shallow thinkers don’t understand is that the reason unemployment numbers are dropping is because those on unemployment have exhausted their benefits and are taken out of the calculus.
They are still unemployed, just not counted. Real true numbers of those out of work is double digit percentage of those of work age.
Labor force participation rate at 62%. If Bush was president you would never hear the end of it.
Really??? There may have been an increase in orders, but inventories are rising, as is the lead-time from suppliers. That certainly doesn't paint a promising picture and if nothing else, could be construed as evidence that businesses don't have the level of comfort to invest in capital purchases or people to improve capacity.
I fail to see where there is any "promise" in the economy. Then again, I guess that would depend on one's goals or vision.
I think the issue here is that the summer job season is coming to an end and the uptick for holiday season hiring is still some time from going up. But if this lull continues up till November, then we have a problem.
RE: I think the issue here is that the summer job season is coming to an end
This is not good news then.
If what you’re saying is true, then the figures include TEMP jobs, not permanent ones.
Actually, people who have studied economics and statistics understand that unemployment compensation, whether you are eligible for it or not, whether you receive it or not, or whether you once received it and no longer do so has no bearing on how the unemployment rate is calculated.
A record 92,269,000 Americans 16 and older did not participate in the labor force in August, as the labor force participation rate matched a 36-year low of 62.8 percent, according to the Bureau of Labor Statistics.
They will find them next month and add them for 500k jobs just before.the election.
That's why I'm all in favor of regulatory and income tax reform to really get the eocnomy going again.
I expect you’ll have to wait a bit for honest reporting. I’m taking bets tho that the published unemployment rate will fall below 6% at least two weeks before the next election.
There is simply NO WAY in the HOT PLACE that this nation only has a 6.1% unemployment rate. There are just too many people on welfare and government disability AND those that simply gave up looking. I would LOVE to know what the actual number of gave ups is. I bet that number is in the millions. People who are now relying on family, friends, whatever, to simply rake by. Plus, I would bet many have gone the wrong way, against the law, stealing, drug selling, etc., just to make money to live on.
The 6.1% rate is real, it has to be because a Pink Unicorn told me so! We’re all gonna have barbecue as soon as the flying pigs are up to a good slaughter weight.
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