, you might find something to cheer about. But if you look at it with clear eyes, what you really see is an economy downshifting and bracing for impact.—hardly anything to write home about and well short of expectations for the second month in a row. Add to that the revisions to June and July, which collectively erased 86,000 jobs from the books, and the three-month average is now a tepid 116,000. That’s a far cry from the 202,000 monthly average we saw last year.
Go a step further and subtract the so-called government-adjacent sector of health care and social assistance, and. After revisions, the July figure was just 15,200, bordering on contraction territory, and the June figure was 28,3000. That bringsSo, where’s the good news? August was not as weak as July or June, so the deterioration of the labor market may not be getting worse. Then again, given the history of large downside revisions, it’s very likely thatand will be revised down.
The household survey, from which the unemployment rate is derived, showed slightly higher employment growth in August, with the number of employed people rising by 168,000. Thethat got a lot of attention earlier this year after several reports showed far less employment growth in the household survey than the establishment survey seems to have been resolved.
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