US nonfarm payrolls rose a very disappointing 235,000 in August. But much of the rest of the report was solid. There were upward revisions with July now at a 1.053 million (was 943,000) and June at 962,800 (was 938,000) for a net 134,000. The unemployment rate dropped to 5.2% from 5.4% and 5.9% in June. Hours worked were unchanged at 34.7 (June revised from 34.8). Average hourly earnings surged 0.6% after July’s 0.4% gain, and posted a 4.3% y/y growth rate versus 4.1% y/y (was 4.0% y/y) previously. The labor force participation rate was flat at 61.7% and is still well below the 63.4% all-time high from January 2020. The labor force rose 190,000 and household employment was up 509,000 after respective gains of 261,000 and 1.043 million in June.
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Andria Pichidi
Market Analyst
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