The monthly NFP improved slightly, with total NFP job losses at 216k. This brings the lost jobs total up to 7.4 million since the recession began in December 2007.
Losses were concentrated in construction, manufacturing and financial jobs. July NFP was revised downwards to 276,000.
The U3 Unemployment rate spiked to 9.7% — levels not seen since 1983. Can 10% be very far behind?
The average workweek was unchanged at 33.1 hours. Losses in Temp Help seem to have moderated.
“Nonfarm payroll employment continued to decline in August (-216,000), and the unemployment rate rose to 9.7 percent, the U.S. Bureau of Labor Statistics reported today. Although job losses continued in many of the major industry sectors in August, the declines have moderated in recent months.
In August, the number of unemployed persons increased by 466,000 to 14.9 million, and the unemployment rate rose by 0.3 percentage point to 9.7 percent. The rate had been little changed in June and July, after increasing 0.4 or 0.5 percentage point in each month from December 2008 through May. Since the recession began in December 2007, the number of unemployed persons has risen by 7.4 million, and the unemployment rate has grown by 4.8 percentage points.”
Big spike up in unemployment likely has to do with some of the oddities surrounding the labor pool and recent large bankruptcies i.e., GM/Chrysler).
Employment Situation News Release
BLS, September 4, 2009