Labor Dept Jobs Rpt - disaster all across the boardLabor Department Job Numbers for September
This data is consistent with most of the other data we are seeing for Q3 (i.e. poor durable goods, poor manufacturing, high inventories, low retail sales, low pending and existing home sales, poor regional Fed reports in all regions of the US, really low Q3 GDP projection by the Atlanta Fed, etc.).
US Jobs created in September was only 142K (missed consensus by about 60K).
August number was revised down to 136K (from 173K).
I believe the July figure was revised down also.
Average hourly wages stayed flat at 0.0%, also below the expected 0.2%. ``Actually, if one zooms in, the change was not 0.0%, it was negative, while weekly earnings actually declined from $868.46 to $865.61.Actually, if one zooms in, the change was not 0.0%, it was negative, while weekly earnings actually declined from $868.46 to $865.61.`` This is a stat the Fed looks at closely in determining Fed policy (i.e. interest rate increase or not).
``Not only were workers paid less, they worked less, as the average hourly weekweek declined from 34.6 hours to 34.5, suggesting an imminent collapse in economic output.Finally, not only were workers paid less, they worked less, as the average hourly weekweek declined from 34.6 hours to 34.5, suggesting an imminent collapse in economic output.``
``Putting it into perspective, in 2015 job growth has averaged 198,000 per month, compared with an average monthly gain of 260,000 in 2014.``
``The headline jobs print was below the lowest wall street estimate. In other words 96 out of 96 economisseds did what they do best.``
I believe the labor participation rate decreased even lover, also. This means the true employment rate (not the worthless one the gov`t publishes) continues to be high (and potentially getting higher). I don`t have the exact rate handy, but I believe it came in around 62.5% or 62.4%. A lot of people have left the labor force without finding a job (they haven`t offcially left, but the gov`t stop recognizing them after a while). The gov`t stop counting these people as being unemployed, hence the government`s unrealistically low official unemployement figure.