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Sunday, August 5, 2012

US Media Headline Scream 163,000 Jobs added, But Household Survey Shows 195,000 Jobs lost; Unemployment +.1 to 8.3%

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.
  • US Payrolls +163,000 - Establishment Survey
  • US Employment -195,000  - Household Survey
  • US Unemployment Rate +.01 at 8.3% - Household Survey
  • The Civilian Labor Force fell by 150,000. Otherwise the unemployment rate would have risen more.
  • Average workweek for all employees on private nonfarm payrolls steady at 34.5 hours
  • The average workweek for production and nonsupervisory employees on private nonfarm payrolls steady at 33.7 hours.
  • Average hourly earnings for all employees in the private nonfarm workers sector rose by 2 cents.
  • The change in total nonfarm payroll employment for May was revised from +77,000 to +87,000, and the change for June was revised from +80,000 to +64,000.

Recall that the unemployment rate varies in accordance with the Household Survey not the reported headline jobs number, and not in accordance with the weekly claims data.

Quick Notes About the Unemployment Rate 

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