by Marc Chandler
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Introduction by George Dorgan
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Summary:
Underlying concerns about US labor market ease after two robust reports.
Sept Fed views will not change much.
Canada’s data is disappointing, BOC optimism may be challenged.
United StatesNonfarm payrollsThe US grew 151k jobs last month and when coupled with the 20k upward revision to the July figure the net job creation is not far from the 170k-180k median expectation. |
U.S. Change in Employment YoY(see more posts on U.S. Nonfarm Payrolls, ) Year over Year Change in Employment .Click to Enlarge |
U.S. Unemployment RateThe unemployment rate was unchanged at 4.9%. There had been some hope it would slip to 4.8%. |
U.S. Unemployment Rate(see more posts on U.S. Unemployment Rate, ) U.S. Unemployment Rate. Click to enlarge - Click to enlarge |
U.S. Participation RateThe participation rate was unchanged at 62.8%. |
U.S. Participation Rate(see more posts on U.S. Participation Rate, ) Click to enlarge. |
Average Hourly EarningsHowever, the details were more disappointing. Average hourly earnings rose 0.1%. The 2.4% year-over-year increase compares with a revised 2.7% (from 2.6%) in July and is the weakest pace since March. Average weekly hours fell to 34.3 from a revised 34.4 hours (initially 24.5 hours). There are roughly 135 mln workers and the full-time equivalent of a tenth of hour swamp the headline increase in terms of output. |
U.S. Average Hourly Earnings YoY(see more posts on U.S. Average Earnings, ) Click to enlarge. |
| Separately, the US reported a smaller July trader deficit. The $39.5 bln shortfall in July compares with a $44.7 bln deficit in June. It is the smallest deficit in three months. This is consistent with the shifting composition of growth in the current quarter. Consumption may soften, but investment appears to be increasing. Net exports may be less of a drag. |
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Comments by George Dorgan My articles My siteAbout meMy videosMy books Follow on:LinkedINTwitterSeeking Alpha CFA SocietyEconomicBlogs Canada Unemployment Rate
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Canada Unemployment Rate(see more posts on Canada Unemployment Rate, ) Canada Unemployment Rate - click to enlarge. - Click to enlarge |
Canada Participation RateThe Canadian participation is nearly three percent higher than the American one. On the other side, Canadian unemployment is two percent higher.
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Canada Participation Rate(see more posts on Canada Participation Rate, ) Canada Participation Rate - Click to enlarge |
Italy Participation RateItaly has been very much criticized for weak GDP growth. But the Italians are increasing their labor participation rate. |
Italy Participation Rate Click to enlarge. |
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Tags: Canada Employment Change,Canada Participation Rate,Canada Unemployment Rate,newslettersent,U.S. Average Earnings,U.S. Nonfarm Payrolls,U.S. Participation Rate,U.S. Unemployment Rate
