Home   Logon   Mobile Site   Research and Commentary   About Us   Call 1.800.621.1675 or Email Us       Follow Us: 

Search by Ticker, Keyword or CUSIP       
 
 

Blog Home
   Brian Wesbury
Chief Economist
 
Click for Bio
Follow Brian on Twitter Follow Brian on LinkedIn View Videos on YouTube
   Bob Stein
Deputy Chief Economist
Click for Bio
Follow Bob on Twitter Follow Bob on LinkedIn View Videos on YouTube
 
  Non-farm payrolls were unchanged in August
Posted Under: Data Watch • Employment
Supporting Image for Blog Post

 
Implications:  The employment report for August was ugly but does not indicate a recession. Private-sector payrolls increased only 14,000 including revisions to June and July and wages fell. Average hourly earnings declined 0.1% and the length of the workweek dipped by 0.1 to 34.2 hours. Controlling for a Verizon strike, now over, that temporarily sidelined 46,000 workers, private payrolls would have been up 60,000 including revisions.   We think August's weakness was largely due to financial turmoil in Europe and large swings in the stock market.  This has brought much uncertainty to the hiring arena.  In the past year private sector payrolls have still increased 142,000 per month, and this trend will accelerate in the second half of the year as the economy continues to recover, and businesses realize a "double dip" is not going to happen.  The biggest positive news in today's report was that civilian employment, an alternative measure of jobs that includes start ups, increased 331,000 in August. In other recent news, despite Hurricane Irene, same-store chain store sales were up 4.6% in August compared to a year ago, no different than in July and much better than if the US were entering  recession. Also, autos and light trucks were sold at a 12.1 million annual rate in August, as the consensus expected, down 0.8% from July but up 5% versus a year ago.

Click here for the full report.
Posted on Friday, September 2, 2011 @ 11:39 AM • Post Link Share: 
Print this post Printer Friendly

These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
 
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
Home |  Important Legal Information |  Privacy Policy |  California Privacy Policy |  Business Continuity Plan |  FINRA BrokerCheck
Copyright © 2023 All rights reserved.