Awful:
August Nonfarm payroll flat in Aug, jobless rate 9.1%
August average workweek falls to 34.2 hours
August hourly earnings down 0.1%, up 1.9 yr-on-yr
August factory jobs down 3,000
August construction jobs down 5,000
August retail jobs down 7,800
There are about 400,000 NEW claims each week for unemploument.
That is about 1,600,000 NEW claims each month.
“New jobs” are not even on the radar.
I don’t understand the formula that keeps unemployment at 9.1% when over a million & a half people are filing NEW claims every month.
In the midst of back to school shopping==retail jobs down!!!