Unexpected-O’s for breakfast, AGAIN!
Remember, the real number for private payrolls is ADP. So if you take the 159,000 government jobs lost last month and add in the 39,000 jobs lost in the private sector per ADP, we lost 198,000 jobs last month, not the 95,000 jobs lost reported by the BLS. Factor in the 366,000 estimated overcount of jobs (not) created in the same BLS report.
Also of note: the diffusion index for all private industry went below 50%, which means more industries are cutting jobs than are creating jobs. Manufacturing diffusion index went below 50% in August 2010 and is now at 46.3, while total private is now at 49.8 For comparison, July 2010 numbers were 52.4 for manufacturing, and 57.2 for total private.
One more note: private hours per week is unchanged at 34.2. Curiously, no hours per week number is provided for government employees.