July private sector job gains totaled 71k, 19k below expectations and the 2 prior months were revised down by 97k. The headline drop of 131k was led by the decline in census workers. The unemployment rate was unchanged at 9.5% vs the estimates of 9.6% as the household survey drop of 159k about matched the 181k fall in the labor force. The all in rate (U6), was also unchanged at 16.5%. The average duration of unemployment ticked down to 34.2 from 35.2, a positive as was the increase in weekly hours worked to 34.2 from 34.1. Also positive, average hourly earnings rose .2% m/o/m, .1% above estimates. Manufacturing added 36k jobs, 23k above estimates. Construction and the financial sector again shed jobs. Temp employment fell by 6k, the 1st decline since Sept ’09. The B/D model added 6k vs -10k in ’09. Net-net, private sector job gains are averaging 90k per month this year, obvious hiring but still lackluster relative to what is needed to forcefully lower the unemployment rate.
Private sector job gains lackluster
August 6, 2010 9:24am by
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