The U.S. economy added 235,000 jobs in August and the unemployment rate dipped to 5.2 percent, the Labor Department said in its monthly labor assessment Friday.
The median Econoday forecast of analysts was for 740,000 jobs and an unemployment rate of 5.2 percent, according to Econoday. The private payrolls report from payroll processor ADP on Wednesday, however, pointed to a much weaker number, with ADP estimating just 374,000 jobs, missing estimates for 500,000.
The August figures follow the upwardly revised 1.1 million jobs for July (revised from the preliminary report of 943,000), which was the second straight month above consensus, and an unemployment rate of 5.4 percent, which was also better than consensus. The economy added 962,000 in June (revised up from last month’s estimate of 938,000 and the preliminary estimate of 850,000) and 614,000 in May.
One note of caution: the estimate of jobs is based on data from a mid-month work week that occurred when the level of new infections was considerably lower than it is now. That could mean that the survey results, although extremely disappointing, actually overestimated the number of jobs created by not accounting for a slowdown in the second half of the month.
Employment has risen by 17.0 million since the ebb in April 2020 but is down by 5.3 million, or 3.5 percent, from its pre-pandemic level in February 2020.
Employment in leisure and hospitality, which had been averaging 350,000 jobs over the last six months, did not grow at all. Bars and restaurants shed 42,000 jobs. Retail also contracted, losing 29,000 jobs.
Mining, which includes fracking and other energy extraction jobs, added 6,000. IT added 17,000. Financial services grew by 16,000.
The manufacturing sector was remarkably strong given the weakness elsewhere. Employment grew by 37,000 jobs. Manufacturing employment is now 378,000 below the prepandemic level.
In August, there was little or no improvement in other major industries, including construction, wholesale trade, and health care.
Employment increased by 40,000 in private education, declined by 21,000 in state government education, and fell by 6,000 in local government education, confounding expectations for a jump in hiring in the education sector.
The economy outperformed expectations on many metrics in the first two quarters of this year as vaccinations boosted business and consumer confidence and restrictions on businesses were been lifted. But the surge in Covid-19 infections and inflation this summer have coincided with a series of disappointing economic reports that appear to indicate economic growth has already peaked and is now slowing.
The Atlanta Fed’s GDPNOW attempts to assess what the latest data suggests about quarterly GDP. As of Thursday, it read just 3.7 percent for the third quarter, reflecting how much recent economic data has fallen short of expectations. The New York Fed’s version was last updated on August 27 with a reading of 3.8 percent. The “Blue Chip” forecast, compiled from interviews with leading economists, is for growth of around 6.5 percent, down from 7.5 percent a month ago. In August, Goldman Sachs cut its third quarter growth estimate from nine percent to 5.5 percent.
https://www.breitbart.com/economy/2021/ ... in-august/
Bummer Summer Jobs Disaster
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Hawkeye
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Bummer Summer Jobs Disaster
The best part about this is waiting four years to see how all the crazy apocalyptic predictions made by the fear mongering idiots in Right Wing media turned out to be painfully wrong...Gasoline would hit $10/gallon. Hyperinflation would ensue.
Veritas
Veritas
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ajax18
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Re: Bummer Summer Jobs Disaster
Well I guess it's a good thing Biden voters aren't interested in jobs.
And when the Confederates saw Jackson standing fearless like a stonewall, the army of Northern Virginia took courage and drove the federal army off their land.
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Cultellus
Re: Bummer Summer Jobs Disaster
Everyone is welcome. Every opinion is welcome.* Therefore, do not "de-invite" anyone or suggest that they go elsewhere.
Last edited by Cultellus on Mon Sep 13, 2021 2:38 pm, edited 1 time in total.
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canpakes
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Alf'Omega
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Re: Bummer Summer Jobs Disaster
235,000 in a month huh. Well,that's 235,000 more than the monthly average through Trumps 48 months. Disaster?
LOL
LOL
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Gunnar
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Re: Bummer Summer Jobs Disaster
Based on what? Your your flat, unsupported assertion?
No precept or claim is more suspect or more likely to be false than one that can only be supported by invoking the claim of Divine authority for it--no matter who or what claims such authority.
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ajax18
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Re: Bummer Summer Jobs Disaster
We were projected to create 725,000 jobs in August and would have if Trump were still president.
And when the Confederates saw Jackson standing fearless like a stonewall, the army of Northern Virginia took courage and drove the federal army off their land.
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Moksha
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Re: Bummer Summer Jobs Disaster
They would wheel their carts up and down the street shouting, "Bring out your dead".
Cry Heaven and let loose the Penguins of Peace
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canpakes
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Re: Bummer Summer Jobs Disaster
As the graph shows, through most of 2019 (and avoiding the disastrous 2020 results), job growth in Trump’s best years was entirely unremarkable, with no real difference from his predecessor’s non-recession months.
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Alf'Omega
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Re: Bummer Summer Jobs Disaster
Only an idiot would think this. Trump's economic incompetence caused the economic calamity that happened under his watch. In all, Trump lost jobs over four years and only averaged 180,000 per month before the pandemic. Projections mean nothing, because the official data is always changing. July's jobs were 100,000 more than projected and the August report revised those numbers upwards to over 1.1 million, but I don't recall seeing you brag about the economy doing better than projected. The jobs numbers for May and June were also revised upwards over 110,000 in the July report. The jobs are coming back faster than anything we've seen in the past 40 years, it's just the idiots on the Right causing the recent delay by refusing to get vaccinated. You cause a problem and then gloat about it because you think you can go with correlation = causation and blame Biden. It is like being so damned dumb to be willing to kill yourselves just so Biden can't say he met his vaccination goals. People are refusing to go back to work in the food retail industry because of the COVID surge, thanks to half the country being unvaccinated. Workers don't want to be subjected to death like the 30 people who just died in one school district in Florida.
Brietbart is a sham of an outlet. When Jobs surpassed 900,000 for two months straight where was Brietbart? And why didn't it mention that GDP was adjusted upwards from previous months?