July Employment Report Shows Lackluster Growth

ADP got the headline job number correct, I certainly didn't. However, one look beneath the surface shows this was actually an anemic jobs report. Unemployment was up, and the household survey shows a loss of 195,000 jobs. The household numbers are even worse because part-time employment went up. Jobs Report at a Glance Here is an overview of today's release.

A surprisingly uneventful report, as BLS reports that 155,000 Jobs were added in December, right on top of the 152,000 expected, and in line with the number needed to keep up with the growth in the population, or at least the Old Normal growth - in the New Normal only handouts matter. The unemployment rate was 7.8%, vs the 7.7% expected: who else is surprised that the rate is now rising with Obama reelected and when a lower unemployment rate means an earlier end to QE4EVA? The November unemployment rate was revised from 7.7% to 7.8%, just so headlines can proclaim the rate was unchanged.

After several poor months for job creation (adding well under 100,000 each month) we have some good news. Total nonfarm payroll employment rose by 163,000 in July, with the unemployment rate at 8.3%. Since the beginning of this year, employment growth has averaged 151,000 per month, about the same as the average monthly gain of 153,000 in 2011.

Quick Notes About the Unemployment Rate

The report on employment released today was not good news but it was less bad than feared. Total nonfarm payroll employment rose by 117,000 in July, and the unemployment rate was little changed at 9.1%, the U.S. Bureau of Labor Statistics reported today. Employment growth in July, follows little growth over the prior 2 months. Total private employment rose by 154,000 over the month. Sectors experiencing growth include: health care, retail trade, manufacturing, and mining. Government employment continued to trend down.

Total nonfarm payroll employment increased by 171,000 in October, and the unemployment rate was unchanged at 7.9%, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and business services, health care, and retail trade. The change in total nonfarm payroll employment for August was revised from +142,000 to +192,000, and the change for September was revised from +114,000 to +148,000.

The unemployment rate decreased to 7.8%, and total nonfarm payroll employment rose by 114,000 in September, the U.S. Bureau of Labor Statistics reported today. The change in total nonfarm payroll employment for July was revised from +141,000 to +181,000, and the change for August was revised from +96,000 to +142,000. Thus, with this report 200,000 new jobs were added (114,000 + 40,000 + 46,000).

The Angry Bear submits: By Spencer England The headline number of payroll jobs was strong and the markets are reacting strongly to the report that 224,000 jobs were created last month. Moreover, the job gains were widespread with temporary jobs and government the only sectors to show an employment drop. Private payroll employment rose 268,000, the largest increase this cycle.